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178

Claims of the National Creditor confidered.

tion. Let him not infift upon pledges he has never received, nor call, for the payment, upon those, who have neither afked, accepted, nor been benefited by the loan. That the clergy univerfally, the land-holders in general, and a large portion of the mercantile and manufacturing intereft, may be confidered as parties to the contract, cannot well, I think, be called in question. By their concurrence the funding system has been adopted; by them, in their own perfons and the perfons of their agents, has the debt in question been contracted; and in the purfuit of their ambitious and rapacious projects, has been accumulated the enormous burthen under which we groan. The revenues of the higher orders of the clergy, the falaries of placemen, the perquifites of office, the rent-roll of the free-holder,and the profits of the merchant and the banker, all have been extended by this compact with the capitalist---this wholefale plundering of pofterity. Nothing, therefore, can be more atrocious, than for men of thefe defcriptions to contemplate" the open robbery of those public creditors," with whofe capitals they have fo long been fporting. And yet from thefe claffes (with exception to the two laft, who are themselves too deeply interested,) affifted perhaps by a few uncalculating enthufiafts, is the attempt to be chiefly apprehended. Thus far, your correspondent G. C. and myfelf do not appear materially to differ. But I can by no means affent to the indifcriminating propofition, that," the fund-holder has a right to look for his capital to the whole capital of the nation; its lands, its fhipping, its foreign territories, its buildings, its trade, its manufactures, in a word, whatever conftitutes its wealth," (including, of course, the industry and ingenuity of its inhabifants.) Thefe, I fay, are not all included in the pledge; for the defcription embraces immenfe bodies of people who have never been benefited by the contract, nor, by themselves or their agents, have joined in the pretended fecurity; but who, convinced (in the language of your correfpondent) that this "hameful mafs of debt was contracted to accomplish the moft fhameful purpofes," would long fince have embraced the opportunity, if it had ever been offered, of checking the career of this hateful fyftem of anticipafion, that beggared their pofterity to enflave themfelves. But upon what founddation does G.C. attempt to establish his

hypothefis of an univerfal pledge? Why, truly, the reafoning is as futile as the conclufion is falfe. "Since every man in the kingdom," fays he, "by paying taxes, has guaranteed these ministerial loans, we are all become partakers of the confsquences, and partners in the acts." Might it not with as much propriety be afferted, that I become a partner in the act of highway robbery, by delivering my money when the piftol is at my breaft? Far be it from me to be fo eager a candidate for a folitary cell in Cold Bath-fields, as to draw an actual parallel between taxation and robbery on the highway: but the comparison goes far enough to fupport my argument; and I concern myself no further. Taxation, it must be admitted, is not the voluntary act of the party taxed; and I dare fay I am not fingular when I declare, that I would never have paid a fingle fixpence towards the intereft of a debt, contracted without my consent, if I had not known that the laws and the magiftrates would compel me fo to do. It is not what we have fuffered, but what we have gained, that must involve us, by implication, in a contract to which we never affented; and if the public creditor cannot prove, at leaft, a profitable and voluntary connivance, the unrepresented claffes have affuredly a right to refer him, for indemnity, to the contracting parties. Upon thefe, indeed, his claim is folid and indubitable. Thefe are the real debtors; and, if the power of recovery is not withheld from thefe, the creditor will have a right to profecute his client; and "if not to the last fhilling," at least to fuch a compromise as may di vide the lofs, refulting from their inordinate fpeculations, equally and equitably between them.

This is, in brief, my opinion, as to the justice and morality of the cafe. I am far, however, from confidering the property of the fund-holder as out of danger. My fentiments, in this refpect, at prefent, I believe, are far from being popular with any party; and under the influence of what circumftances the question may be hurried to an irrevocable decifion, it is impoffible at this time to forefee. A people groaning under seven and twenty inillions of annual taxes, may become regardless of every thing but their own emancipation; and, confidering the fhorteft road as the best, may hut their ears, in their turns, to the voice of reafon and the pleadings of compaffion; and devote, by one rash act, fixty thousand fa

milies

Table of Bankruptcies from 1748 to 1797. .

1748 to the end of the year 1797.

Year.

179

Number. Year.

Number.

1748
1749

130

1773

507

91

1774

337

1750

169

17 5

350

1751

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milies to beggary and ruin*. Or it may Number of bankruptcies from the year happen, that "those who profefs themselves the admirers of order and good government," may find themselves in fuch a dilemma, that either the placeman or the ftock-holder must be facrificed; and as felf-prefervation is the firft law of nature, and places and finecures are freehold property! it is easy to decide which way the fcale will turn. Nay, there is even a clafs of ariftocratic innovators, among whom perhaps may be found "men of large landed property, profeffional lawyers, clergy maintained by a religion that inculcates honefty, and fome British fenators," who, under the mask of reform, aim only at the revival of the old feudal fyftem in a new fhape; and to whofe views, accordingly, the confiscation in question would confiderably adminifter. Let us hope, however, that a candid investigation of the claims of the frock-holder, may place them on a foundation not to be thaken by the rashness of the first description of men, the cupidity of the fecond, or the intrigues of the third. Certain it is, that from whatever quarter (except one) fuch an attempt were to proceed, an obftinate civil war must be the confequence; while a fair and equal reprefentation of the people, might at once relieve the industry of the nation from the enormous burthen, and fatisfy the demands of the public credi

tor.

March 2, 1798.

To the Editor of the Monthly Magazine.

SIR,

NOWING that your valuable MaK gazine has an extenfive circulation in the commercial, as well as the literary world, I am induced to fubmit the following article, with a lift of the number of commiffions of bankruptcy (taken from the London Gazettes) from the year 1748 to the end of the year 1797, to your confideration.

As far as I can learn, there are about

60,000 stock-holders Of thefe, however, it may be faid, there are many who have other property, and who, of course, would not be entirely ruined by the act of injustice under contemplation. But what is to become of the widows, the orphans, the wards of chancery, the aged, the imbecile,that vaft train of helpless individuals, who have no other means of fubfiftence than their little annuities in the stocks? If there were no other argument than common fympathy against it, yet the heart of every benevolent man would recoil at the project,

Total amount, from 1748 to 1797, 21,645

The year 1793, in which the present war commenced, ftands confpicuous; the number of bankruptcies for that year amounting to one thousand three hundred and two! To fuch an alarming extent had bankruptcy arrived in that year, that it threatened to involve çonfequences of. the most frious national importance; and the interpofition of the legislature was thought neceffary. To ftop the tide of bankruptcy, to restore private credit, and thereby recover the energy of the national commerce, parliament voted 5,000,000l. of exchequer bills, at an intereft of 21d. per diem, or 16s. per ann. for the affiftance of houfes of known folvency and reputation.

"It is fcarcely more than four years ago, (meaning the year 1793) fays a celebrated writer, in a late treatife on finance," that fuch a rot of bankruptcy fpread itfeifover London, that the whole commercial fabric tottered; trade and credit were at a ftand; and fuch were the ftate of things, that to prevent, or fufpend a general bankruptcy, the govern ment lent the merchants fix* millions in

*This is an error: the actual fum granted by parliament was five millions; out of which the merchants of London received nearly one million; at Manchester, about 250,000l. at "Liverpool, 130,000l. and "at Brital, 40,000l.

government

180 Queries on forged Bank-Notes..... Emendation in Ariftotle.

government paper; and now the merchants
lend the government twenty-two millions
in their paper!"
Such, however, were
the effects of this temporary relief, that
the number of bankruptcies, which, in the
month of May (the period of the greatest
number) amounted to 228, fell in June
to 165; and they ftill continued to de-
crease in July and Auguft; in September
they diminished, and were nearly on a
par with the numbers in September 1792;
they again, however, greatly increafed
in November, and have continued to in-
crease, more or lefs, ever fince, as will
be feen by the lift. I am, indeed, afraid
that this increase will be progreffive, as
long as the prefent just and necessary war
fhall continue.

Although war, and other unforeseen accidents, indifpenfably fwell the cataJogue of bankruptcy, and involve hundreds of our honeft citizens in ruin; yet it is to be lamented, that there are men who add no inconfiderable number to the lift more from motives of policy than from neceffity, and who flourish among the whereases, to the abfolute ruin of other honest and induftrious tradefmen. The French made a judicious distinction between bankruptcy and failure; the first they confidered as voluntary and fraudulent; and the latter as conftrained and unavoidable, by means of unforeseen accidents.

Between thefe two characters there ought, certainly, to be fome diftinction; the honeft man, who breaks in confequence of misfortunes, cannot, with juftice, be placed, as he now is, on a level with the fraudulent bankrupt. In fome countries there is a law which condemns a bankrupt, according to the French definition of the word, to wear green and other coloured caps, (at Lucca they wear one of an orange colour) as a badge of difgrace; perhaps, Mr. Editor, if fuch a law, under proper regulations, exifted in this country, it would, in fome degree, check the prefent rapid progress of bankruptcy. I remain your's, &c.

I

M. J.

To the Editor of the Monthly Magazine.

SIR,

Have feen feveral articles in your paft numbers, refpecting forgeries on the Bank, one of which, in particular, fuggefts the following queries, which I with fome of your law correfpondents to an fwer, through the medium of your Magazine.

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Mr. LANDSEER, the engraver, states,

that a plan has been refused, by the Bank Directors, which had been approved by himself, and Meffrs. HEATH, SHARP, FITTLER, LOWRY, and BARTOLOZZI, as well calculated to leffen, if not prevent forgeries.

I have, among many others, been a fufferer by forgeries; in fuch cases the Bank makes the perfon to whom they trace the note, pay the amount, without offering the finalleft proof of its being a forged one..

Have the Bank a right to declare, that a note which they trace back to me is a forged one, and yet to offer no proof that it is fo?

If it be a forged one, have they a right, and what right, TO KEEP IT, without paying the amount?

If a perfon has loft money in this way, has he a right to bring any action of damages against the Bank, as having been the caufe of his lofs, by iffuing notes which any common engraver might copy, when they might have fued fuch as could not be copied by any of the known arts of engraving. A SHOPKEEPER. Strand, February 13, 1798.

To the Editor of the Monthly Magazine.

SIR,

It

Hope you will permit me to infert, in your far-known Magazine, an emendation of a paffage in Ariftotle; a paffage which all the critics and commentators feem to have overlooked. is in the xviiith chapter of the fecond book of his " Art. Rhetor." where he is difcourfing concerning the manners of the rich: I do not think the common acceptation of the fentence right: it runs thus: ὁ γαρ πλᾶτος, διον τιμη τις ετι της αξίας των άλλων. The Stagyrite had faid in the preceding fentence-Rich men are difpofed to be proud and infolent, as they fuppofe they have all things that are good, aπаνтα тàyata;" in this next then comes rap, which appears to have no connection with the former period. Instead of yap then, I would fubftitute ye, which two, in their abbreviated ftate, are not very unlike one another; and instead of aw, I would put auTar which is furely no great violation of text. The fentence now will run thus: "rich men are difpofed to be proud and infolent, as they fuppofe they have all things that are good; wealth then (in their opinion) is, as it were, a certain glory, or boaft, arifing from the estimation of thefe fame things that are good."

:

W. C. H.
For

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Defcription of New-York.

For the Monthly Magazine.
A DESCRIPTIVE ACCOUNT of NEW-
YORK and its ENVIRONS, with OB-
SERVATIONS on the INHABITANTS,

&c.

A

MR. EDITOR,

Ta period when the rifing grandeur of the United States of North America attracts univerfal admiration, a tranfient sketch of the flourishing city of New-York, may prove not unwelcome to fome of your readers: permit, therefore, a voyager who lately made that maritime port his refidence, to prefent you with the following impartial lines.

181

no founds, fave thofe of the, fouthern. breeze wafting us fwiftly along, and of the gliding veffel foaming through the lucid waves, disturbed my reverie! abforbed in these pleafurable fenfations, I imperceptibly reached the place of an-' chorage in the east river, at dawn of day: here, along the numerous docks and quays, or flips (as the Americans call them), the larger veffels ufually load and unload. On firft perambulating the city, the moft ftriking novelty which awakened my attention, was the multitude of negroes and mulattoes, of both fexes; whofe appearance, however, bespoke comfort and humane treatment. The Having early imbibed a partiality in well-known accents of the English tongue favour of the new foederal republic, I univerfally fpoken here, ftrongly rerefolved to cross the vaft Atlantic, and minded me of good old England, while bid a temporary adieu to the worfe than a thoufand namelefs incidents and reflecfavage warfare and tumultuous commo- tions crowded on my memory, intertions that defolated unhappy Europe! mingling regret with the fatisfaction I I therefore took my paffage in an Ame- felt on being fafe-landed on a kindredrican trader bound for New-York, and fhore! The extent and beauty, and popuafter a tedious and stormy passage of eight lation of New-York, accorded perfectly weeks, to my extreme fatisfaction, I with the expectations I had formed: the found myself fecurely moored alongfide latter is faid to exceed 45,000, which the quays of that celebrated city. To think not over-rated: the ftreets are in dwell upon the dangers of the voyage, general wide and regular, with wellthe defpondency arifing from fea-ficknefs, paved foot-paths. The merchants and or the badness and fcantinefs of our fare, principal tradefmen chiefly inhabit Pearl is not my intention; I fhall only caution and Water streets, which run, though others, who incline to make the fame trip, rather irregularly, throughout the city; prudently to provide themfelves with a but the handfomeft honies and public private ftock of provisions, and not to edifices are near the Battery, and in truft alone to the cabin fare! Dr. Frank- Broadway, and the contiguous streets.— lin wifely recommends the like precau- Broadway is undoubtedly the handfomeft tion but I had not then read his whole- ftreet in America, and for beauty of fitufome advice. Winter had commenced its ation, unrivalled perhaps in Europe! pfual rigors, on our arrival off the Jerfey The buildings, in the ancient parts of the fhore, and the keen north-wefters fuf- town, are moftly Dutch-built, and gableficiently indicated the change of climate. end towards the street, but look neat; Off Barney-gatt, a heavy gale drove us fome of their dates are of the laft centuput to fea, after broaching our laft cafk ry, infcribed in confpicuous figures on of water! but fortunately it abated the their fronts: the modern houses are in third day, and a fair breeze fpringing up, the English style, and feveral of them wafted us merrily into our destined port. would not difcredit London itself. The night of our arrival was beautifully Cleanlinefs in the fuburbs, and docks, is ferene, though piercing cold; the moon- but ill-preferved; and, to this unfufferabeams thone refplendent, exhibiting in ble neglect, during the intenfe fummerthe fofteft colours, the highly romantic heat, the prevalence of dangerous fevers and variegated fcenery around the mag- is probably owing:-at low-water, the nificent harbour of New-York-a per- ftench occafioned by the effluvia arifing fpective in itfelf ever interefting and de- from the docks on the eaft river, is horrilightful to behold, and then rendered ble; and in their vicinity the fever always infinitely more fo, to one fo long accuf- commences-an evident proof of the real tomed to the dull, cheerlefs, and unvary- caufe; which abufe ought, and might ing fcene of fky and water!-a coup d'oeil easily be remedied, at a trifling expence fo fublime, and at fo ftill, contemplative and labour, when compared with the an hour of the night, could not fail to health and fafety of the public. Some of harmonize with my feelings, and predif- the churches are handfome structures, pofe me favourably towards Columbia: with elegant fpires. The new coffee

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houst

182

New-York and its Vicinity.

house in Water-street, appropriated to the purpofe of an exchange, is a lofty, handfome brick edifice. The governor's houfe, on the Battery, facing Broadway, can lay claim to no pretentions for elegance of architecture, though large and maffive. In the hofpitals, neatnefs, good order, and humanity, prevail; greatly to the credit of the opulent New-Yorkers, who laudably vie in thefe and other patriotic inftitutions, with the Philadelphians and Boftonians. The fociety of Friends or Quakers, who are here very numerous, particularly merit commendation, as being liberal benefactors and promoters of every benevolent-undertaking. Nothing delighted me more in this very pleasant city, than its admirable maritime fituation, and the picturefque variety of its views, from feveral parts of the city and environs: the finest may be enjoyed from the Battery, the Belvedere, the North-river Baths, and from Brooklyn or Long Island. The profpect from the Battery is really enchanting Where the fortifications once ftood, now erazed, the area is adorned with the governor's houfe, and fome elegant modern buildings, and the remainder laid down in grafs-plats and walks, fhaded with trees. Both rivers are navigable for veffels of the largest burthen, as line of battle fhips frequently demonftrated during the laft war. Hell-Gate is a- dangerous kind of whirlpool in the eastern channel, fome few miles from the city; and requires an expert pilot. The Belvedere is an airy, elegant ftructure, near the city on the banks of the faid channel, (improperly termed the Eaftriver, being merely an arm of the fea, feparating the main land from Long land) and fitted up as a houfe for public entertainment and the convivial meetings of the British club, at whofe expence it was built. I had fome opportunities of witneffing the zealous attachment of its refpectable members to the mother-country! Here the club occafionally give af femblies: this delightful fpot is aptly named the Belvedere, the perfpective from hence being exquifitely fine, efpecially at the vernal feason; when the innumerable orchards on Long Island are in full bloffom, and the well cultivated hills along its finely-indented fhores then appearing in their molt luxuriant beauty. The harbour, and its verdant islands, and the eaftern-channel, are feen to particular advantage from the affembly-room of the Belvedere. The beft views of the romantic Hudfon, are from the western

quays and upper part of the city, like, wife from the openings of the new streets leading from Broadway. York Ifland is connected with the main land at King'sbridge, about 12 miles from the city; the foil is generally barren, though in fomes places tolerably cultivated, and embellished with gentlemen's feats. On Long Island I rarely found the foil fertile, being for the most part rocky, fandy, and iterile, though Flat-bufh, and fome few spots are exceptions: the inhabitants feem an industrious, stout, hardy race, chiefly of Dutch defcent: the Dutch language is yet taught in their grammar fchools, though English is the commen idiom. Farming is moft productive on the western part of the ifland, from its vicinity to the metropolis, whofe markets it regularly supplies with butter and milk, poultry, fruit, vegetables, and corn. This island extends confiderably above a hundred miles in length; the breadth is trifling in proportion. Jamaica, Brooklyn, and Flat-bufh, are pretty villages.

New-Town, or Newton, is a small place, remarkable for the excellent apples produced in its district: New-Town pippins being well known even in Europe.

Salisbury Plain, in the centre of the ifland, is noted for groufe-fhooting, and other game, and for the races held occa fionally there; I never attended them, but understood they were forry enough!

Rockaway, a bathing-place much frequented in the season, is near 30 miles from New York, on the fouthern fhore of the island; here they often fifh for and catch fharks, yet I never heard of accidents to bathers, from these voracious tigers of the deep! A tolerable inn afforded us fome fhelter from the tormenting mofquitos, that in myriads infeft the fandy hores and marthes of the island, and are a vexatious drawback on the rural pleasures refulting from a refidence on its pleafant farms: these abominable gnats pervade all the coafts of the United States, and are exceffively troublefome, particularly, to strangers, as I wofully experienced: far inland, where the foil is elevated and dry, and the country cleared of wood, they are almost unknown. They feldom make their appearance in New-York city till July or Auguft, and disappear early in October; but in the Jerfies they nearly devour the traveller, from April to November: I have feen their women and children, especially thofe of a fair complexion, covered with their bites, and

inflamed

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