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eminent degree, deadens all the amiable sympathies of the human mind, why do they not screw up the price to the highest pitch. If they can withhold supplies from the market, they have the unlimited power of fixing the price; now, why do they not fix it at the highest rate ever known? There are many other facts which to me are totally unaccountable on Mr. Howison's principles. I do not understand why, if the operation of credit and capital be attended with such effects during a scarcity, their influence should be suspended during a season of plenty. Supposing for instance, that the supply is one third diminished, and the price is increased to three times its ordinary rate, and that the next harvest is more abundant than the former one by the one-third which it wanted, the same command of capital and credit which kept up the price so very high during the scarcity, should still enable the dealers so far to control its diminution, as never to allow it to sink below that point, When the aggregate value of the produce of the two years would be equalized It is evident that by the increased abundance, corn could not be kept up at its former high price, as the same means would not be sufficient to intercept the supply in its progress to the Consumers; it must fall therefore, till it comes within the grasp of the corn-merchant's capital, when it will remain stationary. The price of corn ought, therefore, to depend upon the quantity of capital employed in its trade, and not on the proportion between the demand and the supply; and, if by the high profits a greater quantity of capital should be attracted to it, even during a season of abundance we might experience all the miseries of a scarcity. According also as the quantity on hand diminished, and particularly a month or a fortnight before harvest, when the corn merchants are morally certain that no supply can be had before a certain period, the power of credit and capital would be exerted with tenfold energy to withhold from the market the small portion of grain not yet consumed, and to raise the price to an exorbitant rate. How contrary the fact is to both these suppositions, I need not point out.

It is in vain we look for any satisfactory solution of these difficulties in Mr. Howison's reasonings. On the contrary, he has involved himself in such a confusion of ideas, that it seems a hopeless task to extricate him from his perplexi'y. The illustrations concerning Arabia and the Nile, for which he bus travelled so far, prove nothing more than this, that rather than perish with thirst we will part with our last sixpence, and that no

body would be so foolish as to pay for a drink of water when he can get it for nothing. This I do not mean to dispute. Mr. Howison proceeds to observe, "corn is now "become in such plenty from the late fa "vourable seasons, the fictitious state of pa

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per-money cannot influence it; notwith"standing the depreciation of money, that "article has fallen back in price. Animals "being longer in attaining maturity, "butcher's meat cannot be so soon supplied, "and not being in such quantity, it is, like "most other articles of luxury, kept up in "price upon the scale of depreciated mo"ney." Pefore making any remark upon the passage here quoted, I must request your attention to the passage in which it is asserted, that the discounting of bills enabled the corn dealers to relieve the demands upon them for the payment of prices, and to feed the markets as their avarice dictated. is exemplified by referring to a speculation. in rum, founded on discounted bills, in which that article was raised three prices. Here it is evident Mr. Howison means a real, not a nominal increase of value. But the increase of prices arising from depreciation is merely nominal. What connexion, therefore, has the question of depreciation with the influence of that portion of additional capital which merchants derive from credit and the discounting of bills, on the price of grain during a scarcity? It is stated that the fictitious state of paper-money can no lon ger influence corn on account of the abundance, and that the article (corn) has fallen back in price, notwithstanding the depreciation of money. To the expressions here made use of it is not very easy to affix pre cise ideas. If by the fictitious state of "paper-money influencing (the price of) corn," I am to understand that the price of corn is enhanced by the depreciation of mos ney, then it is plain this enhancement is merely nominal, that it depends upon a quality in the money, and has no connexion with the variations in the real value of grain arising from an increased or diminished quantity. The "fictitious state of paper

money," by which I always understand its depreciation, must influence (the price of) corn, whether it be plenty or scarce; that is to say, the price of corn, however abundant it may be, must be higher when measured by the scale of a depreciated currency, than when estimated by the standard of primitive purity. When Mr. Howison says, that "notwithstanding the depreciation of mo

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ney, the article (corn) has fallen back in "price," does he mean to assert, that the circumstance of a depreciated currency tonds

4o retard the fall of the corn-market during a season of plenty, or does he mean to say, That the price fell as low as it was antecedent to any depreciation in the currency. In the first case, it is evident that a variation in the real value of corn has no connexion with a depreciated currency, and that the scale of measurement, being altered by that circumstance in all its relative proportions, is still equally well adapted to ascertain all the fluctuations of nominal value; in the other case, one of two things is certain, that if corn has fallen to its former price, either it is more abundant, or the currency is not depreciated The first position, namely, that the discounting of bills enabled the corndealers, during the late scarcity, to relieve the pecuniary demands upon them, and to raise the price of grain, is confounded with the depreciation of money, and of papercurrency, from which it is perfectly distinct. The deprecia ion of money may be occasioned by various causes; it may be occa. sioned by the increasing riches of the country, or by the pressure of taxation, which as you justly observe, acts upon it with com⚫ pound effect. Depreciation is an evil incident to every species of paper currency when its immediate convertibility into specie, the only effectual check to excessive issue, is withdrawn. These are all subjects of High importance, but ought in all speculations on political economy to be kept perfectly distinct. The conclusion of Mr. Howison, which you say is incontrovertible, if it attributed any of the peculiar evils of a scarcity to a depreciation of money, or of papercurrency, appears to me to be erroneous; inasmuch as they only occasion a rise in the nominal value of provisions, whereas the only cause of distress exclusively peculiar to a scarcity, is an increase of real value occasioned by the great preponderance of the demand above the supply.

If he attributes an enhancement of real value to the pecuniary accommodation granted to corn-merchants, by discounting their bills, or in other words, to the influence of credit and capital, I think his opinion is grounded on partial views, and I must confess, that from the arguments I have submitted to your attention in this letter, I am induced to believe, that the real value of cern is fixed by those principles which have moulded society into its peculiar form; and which act as uniformly and steadily as those laws of material nature, by which the physical constitution of creation is upheld. I am glad that I can add weight to my poor opinion on this subject, by the authority of Mr. Burke, who in his "Thoughts on

"Scarcity" has the following observation,: > "the balance between consumption and

production makes price. The market "settles, and alone can settle that price. "Market, is the meeting and conference of "the consumer and producer, when they "mutually discover each other's wants. "Nobody, I believe, has observed with "any reflection, what market is, without "being astonished at the truth, the cor"rectness, the celerity, the general equity, "with which the balance of wants is set"tled." Such was the deliberate opinion of a man who carried to their utmost extent the capabilities of the human mind, and who has bequeathed to wisdom and virtue an inestimable repository of moral and political knowledge; to whom the admirers of his divine genius may apply, in grateful enthusiasm, the language of the Roman historian: nec is fuit cujus lingua, vivo eo, vis guerit, monumentum eloquentiæ nullum extet; vivit, imo vigetque eloquentia ejus sacrata scriptis omnis generis. D. B. Montrose, Sept. 21, 1804.

SIR ROBERT WILSON.

SIR,-In a late number of one of the daily papers, a letter appeared, which at

tacked with considerable vehemence Sir Robert Wilson's pamphlet, lately published under the title of An Enquiry into the

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present State of the Military Force of the "British Empire, with a view to its re"organization." The letter-writer is evidently neither skilled in language, nor a master in argument. He is in all probability some volunteer, who, in a rash moment of indignation, and of hot injudicious zeal, took up the pen, and, mistaking bombastical combinations, and high-flown incongruous metaphors for elegance of style, and closeness of reasoning, imagined that he had unanswerably refuted the proofs and facts in that excellent, and let me say, alarming production. What meaning can possibly be extracted from expressions like these? The change from merit, public and distinguished, to a conduct of pitiful disgrace, " is a moral convulsion which disorders the "elements of character. IT IS AN EX

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TENDED EARTHQUAKE OF THE SOUL." Such for the most part is the burden of the whole letter. The only portion of it, therefore, which deserves attention is a passage which accuses Sir Robert of misrepresentation with respect to a very essential circuinstance at the battle of Zama. The newspaper scribe, in this bold assumption, his exhibited himself to the public as a man utterly unacquainted with history, at least

original history. But, to place this matter. in a clear point of view, I will first quote the expressions of Sir Robert; "As to the volunteers, the battle of Zama should be a "warning to England. Hannibal drew up

his army in three lines; in front, were "placed the mercenaries, in the second the

VOLUNTEERS AND NATIONAL LEVIES,

in the third the veterans and troops on "whom he could depend. The mercena"ries fought bravely, but, being pressed by

numbers required support from the SE"COND LINE: but the second line began "to run away, which so exasperated the "mercenaries that they ceased to fight with the Romans, and turned their arms ❝ upon the fugitive volunteers, slaughtering a great many. The gallant exertions and " talents of Hannibal, aided by the intrepid "courage of the veteran army could not repair this misfortune."-Now, Sir, let us Open the 4th vol. of Livy, page 185, edit. J722, and we shall soon determine whether the author of this important pamphlet, has violated the truth of ancient history to serve a sinister purpose.- "Apud hostes, auxi

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tion, for which the Roman historian has been so justly celebrated by men of taste in all ages but the excellence of literary composition is not the prominent circumstance which draws our attention, when we examine the relation of this interesting event to the present state of our national defence. Cerlain it is, and no denial, palliation, or gloss of any kind, can weaken the impression of the fact upon our mind, that the protection of this country depends principally upon a volunteer armament against an enemy the most terrible, bloody, and rapacious, which has ravaged the earth, since the epoch in which the Northern Hive poured its barbarous progeny by millions upon the provinces of the South. In the case of the Carthaginians, Livy has acquainted us with the fatal issue of such improvidence and folly."The battle was begun by the mercenaries, "who had been stationed by Hannibal in "the front for the purpose of checking the "first impetuosity of the Romans They, "however, after having behaved with great "valour, giving way, were not only not "supported by the second line, the Africans "and Carthaginians, that is the volunteers;. but the latter, fearful that the enemy, by "the slaughter of the first line, which made a stout resistance, might reach them, re"treated. The mercenaries instantly turned "their backs; and being driven upon their "own army, part sought refuge in the se"cond line, and part attacked and slew "those who would not give them admis"sion. Thus having been left in the first "onset without assistance, they were now "excluded by the volunteers from their "ranks. Hence a double battle, in some

"liares cedentes secunda acies Afri et Carthaginienses adeo non sustinebant, ut" "coutra etiam, ne resistentes pertinaciter

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SIR, Their lordships are aware that my attention has, for some time past, been directed to the object of ascertaining the most effectual mode for annoying the enemy's flotillas at their anchorages in front of their ports, under protection of their land batteries.-Having, on the afternoon of the 1st instant, arrived at this anchorage," and finding the weather promising to be fa vou able, and about one hundred and fifty of the flotilla on the outside of the pier, I' resolved to make an experiment, on a li mited scale, of the means of attack which had been provided-The final arrange ments for this purpose were made on the morning of yesterday. The officers named below were put in charge of the principal

"might be more secure and firm. Thus a "fresh combat began: for now they were "come TO THE REAL ENEMY, equal to "themselves in the nature of their arms, in ❝ military experience and discipline, in the renown of great exploits, and in the mag*nitude of hope and danger."....... The Romans, we are told, emboldened and confident from their first success over the mercenaries and volunteers, routed at last the African army. We know the fate of Carthage !!! Now, after this, will any man believe the newspaper writer, when he asserts, in the plenitude of his ignorance, that Sir Robert Wilson has misrepresented the battle of Zama? From the above original extract, and imperfect translation, we can trace the true causes of its loss: the volun-vessels which at this time were to be used. teers, terrified by a sudden panic, and not supporting the valiant mercenaries, rendered unavailing the best efforts of the true soldiers, of the veteran and hardy troops, who had been trained, through all the campaigns of the Italian war, in the school of the immorial Hannibal. I am aware, Mr. Cob belt, that a torrent of clamorous abuse will be poured upon these observations, as if they "were intended to disparage, and expose to contempt, the volunteers of England. Disparage, and expose them to contempt? No, indeed there is not a man more ready and willing to acknowledge their meritorious conduct, their patriotic ardour, and their unwearied assiduity in the pursuit of military knowledge and discipline. To the gratitude and affection of their country they have an undoubted claim. But I contend that, from the very nature of the institution, which la bours under an inherent and incurable defect, it is sporting with destruction to rely for protection almost solely upon that uncertain and unwieldy force. But if a nume, rous, a disciplined, and well-appointed regular army had been levied, not only what security, but what a brilliant issue might have been expected from the warlike experience and steady valour of the line, supported by the ardent zeal, and intrepid spirit of the volunteers. Then, indeed, from the proud cliffs of Albion, or even upon its dear soil, we might have laughed to scorn all the menaces and efforts of the Corsican Usurper. CARACTACUS, Berkhampsted, 3 Oct. 1804.

DOMESTIC OFFICIAL PAPER. Copy of a letter from the Rt. Hon. Lord Keith, K. B. Admiral of the Blue, &c. to Wm. Marsden, Esq. dated on board his Majesty's ship the Monareb, off Boulogne. October 3, 1804.

The armed launches, and other boats of the squadron, were appointed to accompany and protect them. The Castor, Greyhound, and some smaller vessels, were directed to take up an advanced and convenient anchorage for covering the retreat, giving protection to men who might be wounded, and boats that might be crippled, and for towing off the boats in general, in the event of the wind freshening and blowing upon the coast.--The operation commenced at a quarter past nine o'clock last evening, and terminated at a quarter past four this morning, during which time seve ral vessels, prepared for the purpose, were exploded amongst, or very close to the flo tilla; but on account of the very great distance at which they lay from each other, no very extensive injury seems to have been sustained, although it is evident that there has been very considerable confusion among them, and that two of the brigs and several of the smaller vessels appear to be missing since yesterday at the close of day. I have great satisfaction in reporting, that, notwithstanding a very heavy discharge of shells, shot, and musketry, was kept up by

* Officers in charge of the explosion ves sels above referred to :- Captains-Mac leod, of the Sulphur; Jackson, of the Autumn; Edwards, of the Fury; Collard, of the Railleur; Searle, of the Helder Defence Ship.-Lieutenants-Stewart, of the Monarch; Lowry, of the Leopard; Payne, of the Immortalite; Templer, of the Sulphur.-Midshipman; Mr. Bartholomew, of the Inflexible.-Captains Winthrop, of the Ardent, and Owen, of the Immortalite, most zealously and usefully superintended the operations from the Southward, and the Hon. Captain Blackwood, of the Earyalus, from the northward. KEITH.

the enemy throughout the night, no casualty whatever, on our part, has been sustained. The enemy made no attempt to oppose their rowing boats to ours-Their Lordships will not expect that, at the present. moment, I am to enter much into detail; but I think it my duty to state to them my conviction that, in the event of any great accumulation of the enemy's force in their roadsteads, an extensive and combined qperation of a similar nature will hold forth a reasonable prospect of a successful result. The conduct of the officers and men, who have been employed on this occasion, deserves my highest commendation: I cannot more forcibly impress their merits upon their Lordships' attention, than by remarking, that the service was undertaken, not only in the face of, but immediately under, the whole line of the enemy's land batteries, and their field artillery and musketry upon the coast, but also under that of upwards of one hundred and fifty armed vessels, ranged round the inner side of the bay; and that the officers and men, who could so deliberately and resolutely advance into the midst of the flotilla, under such circumstances, must be considered worthy of being entrusted with the performance of any service, however difficult or dangerous it may appear to be, and consequently to be highly deserving of their lordships' protection. I have the honour to be, &c. KEITH..

wished, that my correspondent D. B. had not, by his unqualified and most eloquent> eulogium on that system, compelled me here to say a few words by way of protest. Without avowing that my disapprobation is directed against a paper-currency in toto," there is surely room enough for complaint against a paper system, such as that of Mr. Pitt: without asserting that there ought to be no paper-money at all, I may certainly, object to a paper-money so excessive in ita quantity or so degraded in its quality as to have driven gold out of circulation: with out objecting to the banking-system altogether, I may, I trust, with perfect consis→ tency, object to a banking system where the notes, after being issued as payable in specie to the bearer, are rendered not payable in specie to the bearer or to any body else. Without denying that the effects of paper-money in general, and of ours in par ticular, have been powerful, I reserve to myself the right of hereafter shewing, when occasion shall serve, that those effects have been, and are, powerfully pernicious to the country; and, I cannot, even for a mo ment, postpone the expression of my sure prise, that a writer of so much acuteness and so much apparant observation and research should, with the more than a million of English parish-paupers and with the present state of the continentbefore his eyes, have appeared to exult at the "influence "of paper-money on the condition of the "labouring classes, as well as on the poli "tical relations of Europe!" Coming EFFECTS OF PAPER-MONEY IN TIMES now somewhat nearer to the subject, to. OF SCARCITY.The former part of the which I could have desired that D B. had present sheet will be found to contain a confined himself, I must first observe, that, very able assay upon this subject, on which, in commenting upon the extracts from Mr. it will be perceived, the writer differs from Howison's work, he does not seem to have me in opinion. Were I now become a perceived, that the positions of that gentle, convert to his, I should certainly attempt man had, in passing through my hands, re neither justification nor apology, well as ceived as to the detail, some degree of quay. sured that the having occasioned so ingeni-lification. And, I cannot help thinking, ous and eloquent a performance would, in the estimation of my readers, be more than a sufficient atonement for much greater errors than those, which he supposes me to have adopted. But, as my opinion, with respect to most of the points in dispute, remains entirely unchanged, it appears necessary to describe, with as much brevity as may be, the obstacles to that change, to produce which my correspondent has considered as an object not unworthy the exertion of his talents.The general effects of paper-money, or, to speak more definitely, of a paper-money system such as ours, is a subject which I am not at present called upon to discuss; and I could have

SUMMARY OF POLITICS.

that, if D. B. had not overlooked the pas
sage in P. 309 and 310 of that number of
the Register, to which he refers, he would.
have thought it almost, if not quite, unne...
cessary, to spend any part of his time in
controverting the "erroneous and perni
"cious opinion, that, during a scarcity, the
"price of provisions is raised by unfair.

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means." Mr. Howison had, indeed, spo ken of the " avarice" of the corn-dealers? He had said, that the discounting of billsduring the late scarcity, enabled the "corp-dealers to feed the markets just as "their avarice dictated, and thereby must "have added greatly to the disstress in the "dearth." In order to guard against any

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