"

'their hands all the resources of this na- "guincas, intended for exportation, was, tion since the day when Mr. Burke on Thursday, made in the River. The 'wrote the passage here taken as a motto." specie was discovered on board a small "vessel which had cleared out in ballast. "A Captain in a Volunteer Corps was the "fortunate detector of this prohibited

Well, then, to whom, if not to them, are 'we to look for a responsibility for this 'awful change? Never tell about this 'accident or that accident; those acci-merchandize." 'dents should have been provided against. You would have done so and so, per'chance you will say, if the Dutch had fought or if the Neapolitans had not run away. Aye; but, it was your business to foresee what the Dutch and the Neapolitans and the Prussians and Bavarians and every body else would do. At any rate, you cannot say, that this change is to be ascribed to Sir Francis Burdett He has had none of the powers of the "state in his hands. He has had the ex'pending of none of our taxes. He has, indeed, and so have I, found fault with "measures; given it as our opinion, that ⚫ such and such measures would and must lead to harm; but, these opinions, so far 'from being acted upon, have insured us an abundance of malevolent abuse. Of this fact, then, there can be no doubt: that, let what will be the state of affairs; let the change since 1790 be what it will, Sir Francis Burdett and those who think with him have had no hand, no act or part, in the producing of that 'change; and that the whole of the change, be it for good or for evil, belongs exclusively to the INS and the OUTS between them, and to those of the people, who approve of either the one set or the other. The change is the work of their own hands; to them it wholly belongs; to them, therefore, must be left the task of making the world see and the nation feel, that it is a change for the better.'--I shall now add some observations to those which I made upon the subject of paper-money last week; but, before I proceed to those observations, it is necessary to correct an error, committed at the bottom of page 108, and in the bottom line save one. It is this: instead of "ten times" read "a tenth part? The context does, indeed, pretty clearly point out to the reader to make this correction; but, it happens in a passage of so much importance, that it would not have been right in me to leave it unnoticed.--I now come to my intended observations, which have been suggested by a little paragraph that appeared in the news-papers of Saturday last, the 28th of July, in these words: A seizure of nine thousand

Thus, then, on

Thursday, the 26th of July, on the very day, and, perhaps, at the very hour, when I was writing the 109th page of my last Number: at the very time when I was telling my readers, that the guineas, being degraded by the society of the paper, would go away to countries where they would not be so degraded, and where they would pass for their real worth; that the guineas would still pass from, hoard to hoard in company with the paper, or from a hoard to the sea side; but that it was impos sible they should circulate in such society for any length of time: on the day, and, perhaps, at the very moment, that I was putting this opinion upon paper, it now appears, that no less than nine thousand of these Jacobin vagabonds were detected in the act of getting off out of the country. They were, it seems, got upon the river; fairly afloat; just about to hoist sail, when the Volunteer Captain discovered and stopped them. Jacobin rascals! What, then, they will not stay here to keep company with the loyal paper! It would be a curious thing to follow these Jacobin Guineas now, after their being brought back. It would be curious to follow them in their dispersion, and to see through what new channels they would endeavour again to make their escape.--Every one must, I think, be now convinced that the gold will never again circulate upon a footing with the present paper-money; and that the only way to bring it back again inte circulation, and, indeed, into the country, is to remove every obstacle to the purchase or sale of it. A Jew was, as reader will, probably, remember, sometime ago prosecuted for selling guineas for more than their nominal worth in bank-notes. A bill of indictment was found against him. I have not seen, that he has been brought to trial. But, this prosecu tion, though left in this state, would be quite sufficient to prevent an open traffic in guineas; and, that being the case, the possessors will inevitably hoard or smuggle for, to suppose that any person will voluntarily lay out a guinea, while there is paper of our present sort to be had, is an absurdity too gross to be tolerated for one single moment.In 1803, there was

the

a work published under this title: small a part of those consequences, unless "GUINEAS AN ENCUMBRANCE." some means be soon adopted effectually --The author spent much more time to counteract the natural consequences of than was necessary in shewing, that if the fall of the paper-money!I have paper answered all the purposes of gold, it some observations to offer now upon the was a great saving to the nation to make still more recent failures; but, I will first use of a paper instead of a gold currency. notice the Letters of two correspondents, Then, taking it for granted, that our paper which will be found in another part of did answer all the purposes of gold, he, of this Number.The FIRST relates to a course, came to the conclusion, that the remark of mine (in the last Number, page nation derived great advantages from the 110,) in the way of answer to a letter paper-system, and that Guineas were an then before me, from this same corresencumbrance, agreeably to the proposition pondent, upon the subject of rents and in the title page.The error of this taxes, as affected by the paper-money. gentleman was a very vulgar one indeed. The letter, now inserted from that corresHe had no other notion of the purposes of pondent (MR. CAMPBELL) explains his money than merely that of its passing from meaning; and, at the same time, suggests hand to hand, without any reference to me the utility of proposing and diswhatever to its losing or retaining its ori- cussing before-hand, the measures that it ginal worth. He took up the notion that would, in the contingency contemplated, the mere circumstance of its passing was be proper to adopt, so as to prevent the a complete proof of its goodness in every spirit of contracts, of all sorts, from being respect. And, hence he took it for grant- violated. Nothing would, in my opinion, ed, that the paper answered all the pur- be more easy. All that the government poses of gold. But, we have now seen, would have to do would be to appoint perand the people of Salisbury, Shaftsbury, sons to examine into the matter, and the Cork, and other places, have most severely principle of adjustment being so very felt, that t paper does not answer all the clear, they would only have to revert to the purposes of gold; for, if there had been a time when the contract was made, and see gold in place of a paper currency, it is what the value of money was then, and evident to every man, that the miseries make their revision accordingly. I do not recently occasioned, by the latter, would perceive how any serious difficulties or not have befallen the people, who now discontents could possibly arise from this find, I fancy, paper, and not guineas, to be source, if there were only common prua sad encumbrance.- -What has now hap-dence used on the part of the government. pened is, however, but a little taste of the evils appertaining to a paper-money, not exchangeable into gold or silver at the will of the owner. There are many other evils which are now in operation, working heavily against the happiness of the nation; but, were there no other than that at this moment experienced, that one would be quite enough to silence the author of GUINEAS AN ENCUMBRANCE."

The motto, which I have placed at the head of this sheet, was written long before the present system of paper-money took place. The author little imagined, at the time when he wrote that passage, that the day was so near at hand when a law would be passed rendering the tender of bank-notes to the amount of a debt a protection against an arrest for such debt. Since that time, the bank in Threadneedle street has been quite another thing than what it was before. The bank-note has now some power in Westminster Hall. And, do we not see the consequences? Yes; some of them; but, good God! how

From the SECOND letter, it appears, that the writer formerly believed, that the high prices arose, not from the increase of paper-money, but from the increase of gold and silver coin in Europe. He has now discovered his error; or, at least, he now acknowledges, that the paper-money has depreciated; and says it must continue to depreciate, so long as the note shall not be "readily exchanged for gold." He then goes on to say, that even if light gold were issued to put coin upon a level with the paper, the latter would sink beneath even that light gold, unless the paper was, at the pleasure of the holder, convertible into gold.This gentleman calls upon the bank for SOME PLAN to give to a pound sterling of their paper some certain value in god. It is very easy to call upon the bank for such a plan; but, it would be better to make an attempt at least to chalk out such plan, the people in Threadneedle street being no more conjurors

than other folks. My opinion as tó the only effectual remedy for the dreaded

payment at the Banker's shops, it would be useless to say much; though I cannot help observing, that, in his paper of the 27th of last month, MR. PERRY was rather premature in calling my observations querulous; and in saying that he was proved to have been right in his prediction, that "the failures would not extend to "old established Houses; that the alarm "would subside in a week; and that it was "not on the side of want of credit that any

"hended." In announcing to us, how-
ever, as he has done to day (1st August)
the stoppage of MESSRS. DEVAYNES AND
Co. of Pall Mall, he has furnished us with
a pretty good presumptive proof of his
being wrong in all the above points. It
is want of confidence, and that alone, which
has produced the effects which we now be
hold: and that want of confidence has
arisen from the currency of the country
not being convertible into gold.—I do
not say, that this want of confidence will,
at this time, become general; but, there is
no security that it will not; and, it is not,
at any rate, to be supposed, that it will
be stopped all at once. The fall of De
VAYNES must naturally produce the fall of
others; and, if not of other banks, of other
men, whose fate will be a warning to their
neighbours.While this is going on,
the hoarding and exporting of the gold, and
even of the silver, will proceed with re
doubled activity. They are, in effect, the
same thing for the present. The conse
quence of both is, an increase of the paper,
to supply the place of the absconding
Jacobin Guineas; and the consequence of
that is a further depreciation of the paper,
which as naturally produces a further want
of confidence: and thus the system must
and will proceed, until the day when there
shall be an open competition between gold
and paper.

evil is so well known, that I need not repeat it here. It must, indeed, be now manifest to every person, capable of thinking, that an open competition between the paper-money and metallic money is the only thing that can bring gold back again into free circulation; and, without such circulation, what must, first or last, be the consequences!The public have heard of a REPORT, made by a certain set of gentlemen, belonging to the Honourable House, called the Bullion Committee."" serious calamity was to be appreThis Report was, I believe, ordered to be printed; but, before it returned to the Honourable House in its typographical shape, that Honourable House adjourned. This Report is said to contain, amongst other useful things, a plan for the bringing back of gold coin into circulation; and, I have heard, that the plan is this: that the bank in Threadneedle Street shall pay, on demand, all their small notes (notes of one and two pounds) in metallic money, or coins that is to say, in gold and silver; but that the said bank shall not be compelled to begin this sort of payment in less than two years from the time of passing the act! give this as mere hearsay, mind. I have not seen the Report, nor have I my information from any one who has given it upon his own word as derived from a sight of the Report. It is, therefore, merely hearsay; but it is very generally talked of amongst politicians, and, therefore, I notice it.Now, not to waste our time upon the ludicrous idea of the two years postponement, what would be the effect of such a measure, if it were, at this time, adopted, all the other laws relative to money remaining in force? Suppose, now, that we were to read, in the news-papers, to-morrow: "The bank in "Threadneedle Street is now ready to "give gold and silver in exchange for all "its one and two pound notes." Does the reader imagine, that he would be able to CORN CROPS.While we hear such get to the bank door, or even to Thread-positive assertions as to the abundance of needle Street? There have been seen erowds in London; but never such a crowd as such a notification would draw together. Every small note would be tendered instantly, And how long does the reader imagine, that the guineas would remain in circulation after they got out of the bank? But, really, it is to insult the understanding of the reader to dwell any longer upon the consequences of such a plan, which, I still think, never can have been seriously proposed.Upon the ubject of the more recent stoppages of

the crops now upon the ground, and hear so much anger expressed against those, who venture to doubt of that abundance, it is not a little surprizing, that wheat, that foreign wheat, should still keep up to thirty pounds a load; that is to say, six pounds a quarter, or, fifteen shillings for the Winchester Bushel. So that, really, to talk of the prospect of a fair average crop is to discover either very great ignorance upon the subject, or a most outrageous determination to persevere in error.But, what has struck me most

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