end in nothing but loss, and most probably, a temporary ruin to both nations.

To establish this point so necessary for both nations to be impressed with, a free investigation of all matters connected with it is indispensable; if, therefore, any thing herein advanced, shall be disagreeable, it can be justified on the ground that it is better to be known in order to prevent ruin, than to be concealed, when such concealment serves only to hasten the ruin.

Of POPULATION.-The population of France being upwards of twenty-four millions, is more than double that of Great Britain and Ireland; besides which France recruits more soldiers in Switzerland than England does in Scotland and Ireland. To this may likewise be added, that England and Ireland are not on the best terms. The suspicion that England governs Ireland for the purpose of keeping her low, to prevent her becoming her rival in trade and manufacturies, will always operate to hold Ireland in a state of sentimental hostilities with England.

REVENUES. The revenues of France are twenty-four millions sterling. The revenues of England fifteen millions and an half. The taxes per head in France are twenty shillings sterling; the taxes per head in England are two pounds four shillings and two pence. The national debt of France, including the life annuities (which are two fifths of the whole debt, and are annually expiring) at eleven years purchase, is one hundred and forty-two millions sterling. The national debt of England, the whole of which is on perpetual interest, is two hundred and forty-five millions. The national debt of France contains a power of annihilating itself without any new taxes for that purpose; because it needs no more than to apply the life annuities as they expire, to the purchase of the other two fifths, which are on perpetual interest: but the national debt of England has not this advantage, and therefore the million a year that is to be applied towards the reducing it is so much additional tax upon the people, over and above the curren, service.

WEALTH.-This is an important investigation: it ought therefore to be heard with patience, and judged of without prejudice.

Nothing is more common than for people to mistake one thing for another. Do not those who are crying up the wealth of the nation mistake a paper currency for riches? To ascertain this

point may be one of the means of preventing that ruin which cannot fail to follow by persisting in the mistake.

The highest estimation that is made of the quantity of gold and silver in Britain at this present day is twenty millions and those who are most conversant with money transactions, believe it to be considerably below that sum. Yet this is no more money than what the nation possessed twenty years ago, and therefore, whatever her trade may be, it has produced to her no profit. Certainly no man can be so unwise as to suppose that increasing the quantity of bank notes, which is done with as little trouble as printing of newspapers, is national wealth.

The quantity of money in the nation was very well ascertained in the years 1773, 74, and "76, by calling in the light gold coin.

There were upwards of fifteen millions and a half of gold coin then called in, which with upwards of two millions of heavy guineas that remained out, and the silver coin, made about twenty millions, which is more than there is at this day. There is an amazing increase in the circulation of bank paper, which is no more national wealth than newspapers are; because an increase of promissory notes, the capital remaining unincreasing in the same proportion, is no increase of wealth. It serves to raise . false ideas which the judicious soon discover, and the ignorant experience to their cost.

Out of twenty millions sterling, the present quantity of real money in the nation, it would be too great an allowance to say that one fourth of that sum, which is five millions, was in London. But even admitting this to be the case, it would require no very superior powers to ascertain pretty nearly what proportion of that sum of five millions could be in the bank. It would be ridiculous to suppose it could be less than half a million, and extravagant to suppose it could be two millions.

It likewise requires no very extraordinary discernment to ascertain how immense the quantity of bank notes, compared to the capital in the bank must be, when it is considered, that the national taxes are paid in bank notes; that all great transactions are done in bank notes; and that were a loan for twenty millions to be opened at the meeting of parliament, it would most probably be subscribed in a few days: yet all men must know the loan could not be paid in money, because it is at least four times

greater than all the money in London, including the bankers and the bank amount too. In short, every thing shows, that the rage that overrun America, for paper money or paper currency, has reached to England under another name, There it was called continental money, and here it is called bank notes. But it signifies not what name it bears, if the capital is not equal to the redemption.

There is likewise another circumstance that cannot fail to strike with some force when it is mentioned, because every man that has any thing to do with money transactions, will feel the truth of it, though he may not before have reflected upon it. It is the embarrassed condition into which the gold coin is thrown by the necessity of weighing it, and by refusing guineas that are even standing weight, and there appear to be but few heavy ones. Whether this is intended to force the paper currency into circulation, is not here attempted to be asserted, but it certainly has that effect to a very great degree, because people, rather than submit to the trouble and hazard of weighing, will take paper in prefer This was once the case in America.

ence to money.

The natural effect of increasing and continuing to increase paper currencies is that of banishing the real money. The shadow takes place of the substance till the country is left with only shadows in its hands.

A trade that does not increase the quantity of real money in a country, cannot be styled a profitable trade; yet this is certainly the case with England: and as to credit, of which so much has been said, it may be founded on ignorance or a false belief, as well as on real ability.

In Amsterdam, the money deposited in the bank is never taken out again. The depositors when they have debts to pay, transfer their right to the persons to whom they are indebted, and those again proceed by the same practice, and the transfer of the right goes for payment; now could all the money deposited in the bank of Amsterdam be privately removed away, and the matter be kept a secret, the ignorance or the belief that the money was still there, would give the same credit as if it had not been removed. In short, credit is often no more than opinion, and the dif ference between credit and money, is, that money requires no opinion to support it.

All the countries in Europe annually increase in their quantity of gold and silver except England. By the registers kept at Lisbon and Cadiz, the two ports into which the gold and silver from South America are imported, it appears that above eighty millions sterling have been imported within twenty years.* This has spread itself over Europe and increased the quantity in all the countries on the continent; yet twenty years ago there was as much gold and silver in England as there is at this time.

The value of the silver imported into Europe exceeds that of the gold, yet every one can see there is no increase of silver coin in England; very little silver coin appearing, except what are called Birmingham shillings, which have a faint impression of king Wil liam on one side, and are smooth on the other.

In what is the profits of trade to show itself but by increasing the quantity of that which is the object of trade, money? An increase of paper is not an increase of national money, and the confounding paper and money together, or not attending to the distinction, is a rock that the nation will one day split upon.

Whether the payment of interest to foreigners, or the trade to the East Indies, or the nation embroiling itself in foreign wars, or whether the amount of trade which England carries on with different parts of the world, collectively taken, balances itself without profit; whether one or all of these is the cause, why the quantity of money does not increase in England, is not, in this place, the object of inquiry. It is the fact and not the cause that is the matter here treated of.

Men immersed in trade and the concerns of a compting-house, are not the most speculative in national affairs, nor always the best judges of them. Accustomed to run risks in trade, they are habitually prepared to run risks with government, and though they are the first to suffer, they are often the last to foresee an evil.

Let us now cast a look towards the manufactures. A great deal has been said of their flourishing condition, and perhaps a great deal too much, for it may again be asked, where is the profit if there is no increase of money?

The woollen manufacture is the staple manufacture of England, and this is evidently on the decline, in some, if not in all its branches.

From 1763 to 1777, a period of fifteen years of peace, the registered im portations of gold and silver into Lisbon and Cadiz, was seventy millions ster ling, besides what was privately landed.

VOL. II.

The city of Norwich, one of the most populous cities in England, and wholly dependant on the woollen manufacture, is at this day, in a very impoverished condition, owing to the decline of its trade.

But not to rest the matter on a general assertion, or embarrass it with numerous statements, we will produce a circumstance by which the whole progress of the trade may be ascertained.

So long as thirty years ago, the price paid to the spinners of wool was one shilling for twenty-four skeins, each skein containing five hundred and sixty yards. This, according to the term of the trade, was giving a shilling for a shilling. A good hand would spin twelve skeins, which was six pence a day.

According to the increase of taxes, and the increased price of all the articles of life, they certainly ought now to get at least fifteen pence, for what thirty years ago they got one shilling. But such is the decline of the trade, that the case is directly the contrary. They now get but nine pence for the shilling, that is, they get but nine pence for what thirty years ago they got one shilling. Can these people cry out for war, when they are already half ruined by the decline of trade, and half devoured by the increase of taxes?

But this is not the whole of the misfortunes which that part of the country suffers, and which will extend to others. The Norfolk farmers were the first who went into the practice of manuring their land with marl; but time has shown that though it gave a vigour to the land for some years, it operated in the end to exhaust its stamina; that the lands in many parts are worse than before they begun to marl, and that it will not answer to marl a second time.

The manufactures of Manchester, Birmingham and Sheffield have had of late a considerable spring, but this appears to be rather on speculation than certainty. The speculations on the American market have failed, and that on Russia is becoming very precarious. Experience likewise was wanting to ascertain the quantity which the treaty of commerce with France would give sale to, and it is most probable the estimations have been too high, more especially as English goods will now become unpopular in France, which was not the case before the present injudicious rupture

But in the best state which manufactures can be in, they are very unstable sources of national wealth. The reasons are, that