to give the world, and particularly the people of France, a high opinion of "the wis"dom and foresight of the administration." But, it must be confessed, that the editor of the Moniteur refers to some facts, which, if true, are indubitable marks of real national prosperity. George Rose and his fellowlabourers could ring all the changes upon national prosperity and upon the foresight and wisdom of the administration, but they could never say, that, while the army was greatly augmented, while the fleet was increasing, while more money than ever was expended in fortifications of different sorts, while the foreign relations were maintained in a way to give the nation a complete ascendency amongst the powers of the continent; while such was the result of the operations of government, George and his tellow-labourers never dared to assert, that "the taxes had been diminished," and that the "foresight and wisdom of government" rendered new taxes quite unnecessary. Whether it be true, or false, that the taxes in France have been diminished it would be very hard to say; for the Moniteur is no more entitled to belief than are the pamphlets of George Rose; but, we know, that the army has been greatly augmented, that immense, and, to us, fearful, additions have been made to the maritime means of of. fence and defence, and we also know, to our sorrow and our shame, that the foreign relations of France have not been neglected. Nor is it very likely that the Moniteur would so plainly mistake the fact relative to the taxes. In any more general representation of financial prosperity, one ought to have no hesitation in supposing the chances to be greatly indeed on the side of falsehood; but, in stating so simple a fact, and a fact, too, with which every man having any property must be feelingly acquainted, it is not likely that truth would be set at defiance. Indeed, the loans and tributes, which have been extorted from Spain, Portugal, and the Hans Towns, together with the rich plunder of Hanover, have formed no trifling addition to the revenues of France; and, when we consider the power that she has of continuing these extortions, while so large a part of her army is maintained in foreign states, and out of the purse of those states, we shall not, I imagine, be easily induced to lend an ear to Lord Auckland or Sir Francis D'Ivernois, or any of those writers who would still amuse us with the hopes of final success from the ruin of the French financial resources. In this respect, as well as in the talents of the two administrations relatively considered, the contest is lament ably unequal; and this inequality has not failed to be perceived by those who have large capitals in money, and some of whom have, accordingly, already transferred those capitals to France, where, since the commencement of the present war, land has risen in value, nearly ten per centum: so true it is, that wealth, in spite of all obstacles, will seek the protection of military force; that military force will always ob tain riches, and that riches will not always obtain military force. REVIVAL OF JACOBINISM.-In the two preceding sheets I endeavoured to shew the folly, as well as the injustice towards individuals and the mischief to the public, of attempting to revive the cry of Jacobinism at this time, when an union of all men of all parties is absoluely necessary to the defence of the country; and, as the charge of jacobinism, particularly against Sir Francis Burdett, seemed to have been revived principally, if not entirely, by the sect of the Methodists headed by Mr. H. Thornton, I should have inserted, had I not wanted room, at the close of the last sheet, a remark or two upon the conduct of Sir Francis Burdett, relative to the volunteer system, contrasted with the conduct of the saints, relative to the same system.—— It can have escaped no man of common observation, that, all those who have been de sirous of obtaining the applause and support of the many, have been loud and indiscriminate in their praises of the volunteer system, and not only of the system but of the conduct of every body of persons, and of every single person, included in it. In truth, if a public man wished to obtain a degree of popular favour and support that would render him formidable to the state, it would be hard to conceive a way more likely to obtain his ends than to make him self the ostensible champion of all the armed part of the people; amongst whom are, doubtless, included many, at least, of those persons in whose breasts jacobinism must exist, if it exist at all. Yet we do not find Sir Francis Burdett amongst the fulsome eulogists either of this body of four hundred thousand citizen soldiers or of the individuals composing it: we do not find him, like the Addingtons, the Jenkinsons, the Castlereaghs, and Mr. Pitt, paying his court, in the most abject style, to this armed populace: on the contrary, when the committee of one of these corps surpas sed their powers and appeared to threaten part of the county of Middlesex with mili tary contribution, he was the first, and he was the only member of parliament, who stood forward in defence of order and of Jaw, in defence of the rich against the unwarrantable threats of the lower, or, at least, the middle, class of the people. The committee of the volunteer corps of the parishes of St. George and St. Giles' had published a most daring and inflammatory paper, calling upon the rich inhabitants for larger sums than they had been willing to give, reminding them that it was the poor whom they must look to for the defence of their riches, and hinting very intelligibly that, if they refused to draw their purses, a time might soon come when they would lose their all. This paper, a copy of which will be found in page 28 of the first volume of the Parliamentary Debates, Sir F. Burdett brought into the House of Commons, at the opening of the last session of parliament, and spoke of it in the following words: "In what I am going to say, I mean not "the smallest censure upon the volunteers 86 at large, nor even upon the system. "Neither do I intend the slightest censure 66 upon the corps, of whose conduct in one respect I disapprove. I can easily be "lieve, that they may have been actuated 66 66 by the best motives. The necessity of "the times, the novelty of their situa"tion, zeal for the service in which they "have embarked, may all have prompted "them to speedy and vigorous measures, "the consequences of which they had not "maturely considered. But, Sir, I hold "in my hand a paper, which purports to "be an address from the St. George's and "St. Giles's Bloomsbury Volunteer Asso"ciation, directed to be carried from house "to house through those parishes; calling upon those who have already contributed as well as upon those who have not; giving their opinion of the ability and "wealth of the different inhabitants; and advertising them of an intended domiciliary visit to each house by two of the corps; threatening to publish their names at the close of the year; and particu"larly pointing out the aged, the infirm "and the women, whose fears may be supposed most easily excited. That an armed corps should be a deliberative assembly was never thought advisable; "but, that we should have parochial par"liaments through the land, raising mo66 ney at their will upon the inhabitants, 86 can not be borne for a moment: especially when it is considered, that these same persons undertake to determine "the gross amount of the sum to be raised, "and the quota of the individuals, and "that these same persons are to receive it, "to dispose of it, and partake of it. The "principle of this measure goes directly 66 66 66 66 66 66 "and immediately to the destruction, not only of this, but of every kind of government, and tends to the introduction "of that anarchy of which so much has "been said to be apprehended. The mo"tive may excuse the individuals; but it "does not at all abate the malignity of the "principle; for, it is well known, that many of the practices the most ruinous to nations have been begun from good "motives and for good purposes." Now I ask any man of sincerity, and who has ro base passion or interest to gratify, was this, even without any reference to the parties threatening and the parties threatened, the language, and were these the sentiments, of a person who wished to overset the established order of things? And, if we consider who and what the parties concerned and interested were; if we consider that it was the poor and middle classes of inhabitants threatening the rich, amongst whom the Lord Chancellor and the Lord Chief Justice were well known to be particularly, though most unwarrantably, aimed at; if we consider this, it will require a degree of malignity greater than ever was engendered, even in the gall of a saint, to attribute to Sir Francis Burdett a desire to find an occasion to act upon jacobin or levelling principles. That part of the conduct of the saints, to which I shall at present confine my remarks has been exhibited at their head quarters, their grand focus, the city of Bath, where, as my correspondents inform me, they have not been less troublesome and mischievous in the volunteers than they have been in matters of religion. In one of the corps an open quarrel and a secession have, as my readers have already seen, taken place. I published the declaration of the seceders in p. 301; but another printed paper apparently published by persons actuated by a similar spirit, now lies before me, and whether its tendency be not to render the soldiers of the regular army discontented and mutinous I leave to be determined by those, who called upon the Attorney General to prosecute me for my opinions relative to the state of the fleet. "The very character of a volunteer "supercedes the necessity of severity or "force to exact the necessary performance "of his duty. In every point of view, the "officer" [of the regular army of course,] "is supported by the military law in "courts-martial, where the officers them"selves are constituted judges of their own conduct; and in no respect, has a private redress, or the liberty of beirg "tried by his equals. To preserve the 'દ "rights of the few, against the encroach"ments of the many, is the wisdom of "government, and the indispensable usage "of military order since it imperiously "suggests the necessity of such a proce"dure; but, in the Volunteer System, "where good conduct and respectability "are found to pervade along the ranks, " is it not lamentable to observe an un"necessary exercise of tyranny, to effect "what a manly and temperate mode of "conduct would produce with emulation "and alacrity-good order and strict "discipline This is not a question of "dispute merely between two individuals, a subaltern and a private; it is a common cause, interesting, not only to the regi"ment of Bath Volunteers, but to every other volunteer regiment in the kingdom." The paper, from which this passage is extracted, did, it appears by the imprint, issue from the press of S. HAZARD of Bath, the same press whence proceed the tracts of Mrs. Hannah Moore, and of that society of which Mr. H. Thornton is at the head. Now, I do not say, nor do I think, that this circumstance, though greatly strengthened by the letters of my correspondents, ought to be regarded as conclusive evidence against the saints; but, certain I am, that evidence much weaker would have been regarded as conclusive against those persons whom, and whom alone, Mr. Thornton has chosen to consider as the friends and acquaintance of Sir Francis Burdett. I do not agree with my correspondent "True Briton," that "His Ma gainst the loyalty saints in general; but, the very mention of it may serve to convince Mr. Thornton of the absurdity, to say nothing of the malignity, of his introducing of Despard andhis crimes into a speech levell ed at the principles and the party of Sir Francis Burdett. In fact, nothing can be more mischievous, more hateful and diabo. lical, than any attempt, made at this time, again to divide the people from the monar chy, let the demonination made use of be what it may; nothing can be more opposite to the exhortations that the ministers them. selves have, till very lately, made use of; nothing could more effectually serve the cause of the enemy, because nothing would so powerfully operate in sapping the founda, tion of our force, by sea perhaps as well as by land, and, of course, nothing would be so likely to induce the enemy to invade us, or to facilitate his work after an invasion. It is fresh in the memory of every one, that the late ministry repeatedly boasted, that, whatever harm their peace had done, it was much more than overbalanced by that incalculable good," the uniting of the people in one common bond of affection for their own government and of resolution to resist "the enemy." This was the expression of Lord Hawkesbury. Upon what ground, then, is it that his lordship, in his Thatchedhouse advertisement, now makes use of words, which clearly imply, that he regards part of the nation as being disloyal? Has jacobinism been conjured up from the grave by Mr. Pitt's return to power? Or, was it never dead? And did his lordship deceive us? The truth is, that the extinction of the wild and levelling principle of jacobinisin is a good that we owe neither to the war of Mr. Pitt, nor the peace of Mr. Addington, but to the ambition and despotism of Buonaparté. Jacobinism, such as it was, can never be revived; but, loyal people may be rendered disloyal, in the same way that a stupid jealous husband drives a virtuons wife into the arms of a rake. In the present case, however, justice bids me declare my belief, that the ministry, except in the mere accidental sally of Lord Hawkesbury, has had little or nothing to do in the attempt to revive the odious political distinctions, which divided the nation during the last war, and which so largely contributed to the disgraceful issue of that contest; and, it is to be hoped, that all those, be they who they may, who have made this attempt, and who would sink the country rather than abandon the gratification of their selfish malice, will meet, from every class and every party, reprobation so strongly marked as to compel them to desist from their iniquitous pursuit. jesty's Attorney General ought to file an "information against the printer in order "to come at the author;" for, such a proceeding would only point out to the soldiers what, otherwise, they would never see, or hear of; but, if a similar publication had issued from any press formerly employed by the Corresponding Society; if such a paper had been written by any person formerly belonging to any society or club suspected of entertaining disloyal principles, let Mr. Thornton say, whether he would not have produced it in company with the circumstance of Sir Francis Burdett's acquaintance with Despard, for whose treason Sir Francis and his party are no more answerable than Mr. Thornton and his party are for the treason of the three saints, who were executed for the same crime and upon the same scaffold with Despard, and who, previous to their execution, were, at their own especial request, attended and assisted in their devotions by preachers of the methodist sect. This latter circumstance is not introduced for the purpose of conveying any insinuation Fanted by Cox and Baylis, No 75, Great Queen Street, and published by R. Bagshaw, Bow Street, Coven Curden, white former Numbers may be bad; sold also by J. Badd, Crown and Mitre, Pall-Mall. Vol. VI. No. 12.] LONDON, SATURDAY, SEPTEMBER 22, 1804. PRICE 10D. "To defeat the intention of the enemy to harass us by perpetual apprehension of descents upon our coast, it is not, in my judgment, sufficient to make those naval and military preparations which would prevent an invasion from being ultimately successful, but to "make such vigorous and extensive arrangements for national defence, as may diffuse a sense of the most complete security against even the temporary impression to be produced by such an attempt, and may enable every individual to lay down bis head to rest."-MR. PITT'S Speech, 23d May, 1803. " 417] EFFECT OF BANK NOTES ON THE PRICE OF PROVISIONS. SIR, -You mention in your Register of the 25th ult, that neither Mr. Parnell or Mr. Foster afford in their works the information to be wished for, as to the degree of the influence of paper money upon the prices of provisions. The doctrine of prices is yet to be more fully investigated, before it is com pletely understood, and the usual criterion of them taken from the proportion of the supply to the demand can in future be depended upon only in such cases where currency remains of steady value. The method which appears to me to be the best to be adopted in prosecuting the inquiry of the causes and variations of prices, is first to considerwhat they are, and how they vary, under the supposition of the currency in which they are calculated remaining of a fixed value; and, se condly, under the supposition of its being of a fluctuating value Under the first supposition, it may safely be assumed that prices are the consequences of demand, and vary in the proportion of the supply to the demand. Under the second, our first business is to ascertain the effects of an abundant and of a deficient currency on prices, and then, by adding or subtracting them from the price of any commodity, the real price according to a fixed standard of currency will be found. I conceive, Sir, that an issue of paper, that is greater than the effective demand for it requires, operates on prices in the following manner. The system of discounting which gives rise to this excessive issue, affords to every one so great a facility of acquiring money, that the person who has any commodity to sell is able to hold it over till he can get the price he lays upon it; and the person who wishes to buy it, can afford by the same facility, to give this price, though apparently very high, and much greater, than according to the customary criterion of value it is really worth; and thus, by this power of holding over, and power of purchasing, the prices of all things advance without observation, just in proportion to the extent of discounting, which, in fact, is in [419 proportion to the excessive issue of paper Then again, every advance in prices creates a new demand for increased circulation, which is provided by new discounts and forms an additional excess of paper; and, in this mauner, the quantity of it which can get into circulation may be augmented to an indefinite degree, and prices, as was the case in France, be advanced in an equal proportion. The conversion of paper into gold being impossible, there can be no limit or degree ascertained of the influence of paper money on prices. The issuers of it can alone regulate its operations, and as the national banks of England and Ireland regulate by their issues the amount which private bankers can issue, the prices of every thing, eve of our bread is almost entirely within their jurisdiction. Such is, Mr. Cobbett, one of the many miserable consequences of the never to be sufficiently deplored and condemned restriction of cash payments.-We may consider it as certain, that the influence of an excess of paper money on prices, is at least equal to the depreciation which results from that excess. This in England is 2 per cent, according to the evidence given before the exchange committee, which states that guineas bear that premium; and, in Ireland, is 10 per cent. That this inuence may be greater, I am not prepared to deny, but, I am inclined to think, that it is not, for we cannot observe the influence of paper money to operate in augmenting prices, until the quantity of it issued is excessive, because, till it is so, it only supplies the effective demand for circulation; and, as the depreciation of paper is the effect of an excessive issue, and varies in its degree in proportion to the excess, and is in fact, the degree of value which the paper loses and the goods acquire that are purchased with it; it is apparently safe to conclude, that this in fluence of paper on prices is exactly in degree equal to the depreciation of it. To say that the price of corn are more affected than the prices of any other article, I do not think admissible. Though country bankers certainly give the farmers a power of holding over the sale of their corn, which they have not hitherto possessed, it by no means follows that the corn would be consumed at a cheaper rate if they did not take advantage of this power; it might the easier find its way into the hands of the corn-factor, but, he would not dispose of it until he could acquire the benefit of his credit with the neighbouring bank. The operation of the influence of paper money on the sale of corn appears to be this, that it makes the farmer a corn-factor, and that the corn lies a longer time than has been usual in the rick or stores of the farmer, and a shorter time in the granaries of the factor. This is the extent of the influence of country bank paper issued within due bounds, which extent is enlarged by producing an advance in the price of corn, in proportion to the depreciation of paper, whenever the issues of it are excessive. Though it is true, as Mr. Howison states it, that discounting of bills enables corn-dealers to with-hold the corn from the markets; it is very evident that this power must be in proportion to the extent of the system of discounting, or in other words, to the depreciation of paper money; and, it is equally evident that whatever advantage this system of discounting gives to the seller, it gives at the same time an equal advantage to the purchaser. For it is the same identical cheapness of money which enables the seller to hold over, and the person who wishes to purchase to do so; and, in pursuing the operation of paper money on prices, we shall find that the only purchasers who do not experience this advantage which results from the system of discounting, are those persons who do not earn the means of purchasing, by being in the first instance sellers, but who receive their incomes under leases, annuities, or other contracts. Thus the common labourer who has an increased rate of wages as a result of a scarcity, can have no reason to complain of the influence of paper money, because his wages will be augmented according to the prices of provisions, which exist under the double operation of the scarcity and of paper money; nor can in truth any complaint be well founded on the part of any other persons than those who depend on fixed incomes, and they can only complain of an evil which is general in its effect on the prices of all articles of sale, as well as upon the prices of corn, and is the evil of depreciation.--I think Mr. Howison attributes too great an influence to the discounting of bills in the time of scarcity. It would appear by his work, that all bills discounted for farmers and cornfactors, advanced the prices of corn; this is viewing the subject in much too contracted a point of view, and encourages an acquiescence in errors which are injurious, because they induce people to look to improper causes for the high prices of corn, and prevent them from paying sufficient attention to the real cause of the disturbance of our prices, the bank restriction.In the quotation made by Mr. Parnell from the essay of Mr. Malthus, it is ably explained in what manner a scarcity makes it necessary that the circulating medium should be augmented, in order to prevent the embarrassments that would arise from one that was deficient; and, we may well suppose, that the discounting of bills by country bankers, which takes place in scarce years, is in a great measure absolutely necessary, and eminently useful; and, therefore, that it is rash to impute to it the unqualified charge of advancing the prices of corn. It is clear that so long as the discounting goes no farther, and in times of scarcity it may go to a great extent, than merely supply the new effective demands for circulation, it cannot operate to enhance prices, and that it is, as before stated, the excess of discounting which does so.- -Upon a mature consideration, therefore, Mr. Cobbett, of this subject, I am fully of opinion, that in general, it is supposed, that paper money has a much greater influence on the prices of provisions, than it really has, and as the excess of it gives equal advantages to both purchasers and sellers, and as in all cases almost, every one is a seller either of his labour or his goods before he becomes a purchaser; and as farther the operation of this excess is gradual, universal, and unobserved upon all things that are subjects of value, I am also of opinion, that provisions have their prices affixed to them just exactly on the same principles, by which they are formed for all other things; and that the proportion of the supply to the demand, and of the value of the existing currency to the value of it, at such periods of comparison as may be selected, are the true criterions on which these prices are regulated.I am, &c. I. T.-Dublin, Sep. 1, 1804. DEPRECIATION OF MONEY. SIR,-Your correspondent C. B. in his letter of the 23d of July, lays it down as a conclusion, which must result from his ar gument, that gument, that "no proof of a depreciated "currency can ever be drawn from the rates "or balances of exchange." He admits that it may affect them, but he at the same time asserts, that it can never be any thing more than a plausible conjecture, to attri bute any variation in their rates to a depre |