« PreviousContinue »
interest to the fishes in the little pool When I walk on my parterre, it is my just alluded to, all the fears wbich delight to cull sich medicinal plants they have been tormented with, on the there as I may wish to preserve. Does part of the finns race.
one flower delight me, I seize and be" How charming is this solitude !" come intaxicard with its perfumes. Is The sheet of water,presented on every another droopis from thirst ! water side, is studded bere and there with it, and its neighbours pritit hy my reed-bearing islets, The largest of bounlv. flow often have i and dethese are converted into aviaries, filled licious fruits restored to me that apo with all kinds of animals appertaining petite, of which the sight of th- most to the feathered race, and they coul delicious meals have deprived me? my municate with each other, by reans of pear besand pomegranates are not bet'er, little bridges constructed some in wood perhaps, when plucked by my bund; and some in stone, partly circular and but I iny self anı mere pleased with partly straight. When the water. them, while my friends, to whom ! lilies, with which the borders of the send baskets, scem always deiighted pond are adorned, open ther flowers, to praiso them. Do I perceive a young they appear crowned with purple and and sira ugling bamboo, which I wish scarlet, like the horizon of the south
to encourage; I cut it, or band aud
interlace its branches, so as rio longer On retiring, it is necessary to as: to droop op the earils. The irargin of cend a stair-case cut out of the living the wa'er, the recessas of a wood, and rock, by the labours of the pick-axe, the terinipating point of a ruck, al the marks of which are still visible.
serve me equally, and by tırns, for The cabinet formed at the top, has the purposes of repose. I now enter nothing but simplicity to recommend into my cabine! in belinid my sitsins it, although, indeed, it is sufficiently making war on the fishes; but scarcely adorned by the view of an immense have I sat down, when I take up my plain, where the * Kiang winds through hin,* and provoke the music of the stragsling villages and rice flouds. neighbouring grores. The innumerable barks wil which
The last rays of the sun sonetimes this great river is covered; the la- surprise inicis deles considering in sibourers scattered up and down the lence, the tender solicitudes of a swal. country, and the travellers who crowd low for her young, or the stratagems the roads, all contribute to animate recurred to by a kite for the purpose this enchanting landscape. The azure of carrying away his prey. The mor. coloured mountains which teririate murottbe aicis, the fostering of the the horizon, at once charm and re foliage gently avitaied by the zephyrs; fresh the sight.
and the beaviy of the heavens, serve by When I am weary of composing, turns io plunge me in a swect reverie. and of writing among my books iii All nature seems to speak to my heart. the great hall, I throw nyself into a lan lost in listening to her; and the bark, conducted by Diysell, and repair night is already balf spepl when I to taste the pleasures of my garden. reach the threshold of my iranşion: Sometimes I land at the isle of the Sleep alone ravishes from me those fishermen, and covering my head charms which I experience ; but if I with a large straw hat, by means of am awoke by my dreams, I anticipale bait I allute the fishes which sport in Aurora, by beholding from the top of tbe bosgin of ibe waters, and I study some neighbouring eminence, those our passions in their mistakes.
pearls and rubies, which she scatters At other times, with a quiver hung along the path traced by the sun. across niy shoulder, and a bow in my My friends frequently interrupt my hand, I climh among the rocks, anil solitude, ili order to recite their own there lurking like a traitor for the monks; or listen to mine, I associate rabbits which issue from the fissues, then in my amusements. The juice I pierce them with my arrows, at the of the grape gives gaiety to our frugal entrance into their retreats. Alas!
ropasts; philosophy seasons them, and more wise than ourselves, they dread while the couri dissolved in voluptudanger, and they fly from it ! 'If they ouisness,caresses calumny, forges fetters perceive my arrival, not one of them makes its appearance.
* A musical instrument, common in
Chinz, * A large Chinese
is illustrated by the account which has been bank paper which will not be checked ; the already given of the excess, and sub foundation being enlarged, the superstrucsequent limitation, of the paper of the ture admits of a proportionate extension. Scotch banks, about the year 1763. If And thus, under such a system, the ex®ess the bank of England paper itself should at of bank of England paper will produce its any time, during the suspension of cash cffect upou prices not merely in the ratin payments, be issued to excess, a
of its own increase, but in a much higher sponding excess may be issued of cuuntry proportion.
Number of country bank notes exceeding 21. 23. each, stamped in the years
ended the Uih of October 1908, and 10th of October 1809, respectively.
No. 666,071.. 198,473.
Exceeding 21. 2s. and not exceeding 51. 5s.
No. 922,073. 380,006. 2,425.
Assuming that the notes in the two first actual circulation, which cannot have been of these classes were all issued for the lowest very considerable, and also making an aldenomination to which the duties respec- lowance for some increase in the amount of tively attach, and such as are most com such country paper, as, though stamped monly met with in the circulation of country may not be in actual circulation. This is paper, viz. notes of 51. and 10!. (although crease in the general paper currency in in the second class there is a considerable Jast year, even after these deductions, number of 201.] and even omitting altoge- would probably be little short of the ther from the comparison the notes of the amount which in almost any one year, since three last classes, the issue of which your the discovery of America, has been added committee understands is in fact confined to the circulating coin of the whole of to the chartered banks of Scotland, the Europe. Although, as your committee result would be, that, exclusive of any has already had occasion to observe, no increase in the number of notes under 21. certain conclusion can be drawn from the 2s. the amount of country bank paper numerical amount of paper in circulation, stamped in the year ended the 10th of Oc- considered abstractedly from all other cir. tuber 1309, has exceeded that of the year cumstances, either as to such paper being ended on the 10th of October 1808, in the in excess, or still less as to the proportion sum of 3,095,340. Your committee can of such excess; yet they must remark, that form ao positive conjecture as to the amount the fact of any rery great and rapid inof country bank paper cancelled and with crease in that amount, when coupled and drawn from circulation in the course of the attended with all the indlications of a delast year. But considering that it is the preciated circulation, does afford the interes and practice of the country bankers strongest conGrmatory evidence, that, to use she saine puces as long as possible; from the want of some adequate check, the that, is the law now stands, there is no li- issues of such paper have not been restrain. mitat o 1 of time to the re-issuing of those ed within their proper limits. not exceeding 21. 25.; and that all above ! Your committee cannot quit this part of that amount are re-issuable for three years the subject without further observing, that from the date of their first issuing; it ap- the addition of between four and five milpears difficult to suppose that the amount lions sterling to the paper circulation of of notes above 21. 28. cascelled in 1809, this country, has doubtless been made at could be equal to the whole amount stamp- a very small expence to the parties issuing ed in 1808 ; but cren upon that supposi- it, only about 100,0001. having been paid tion, there would still be an increase for thereopon in stamps to the revenue, and 1809 in the notes of 51. and 101. alone, to probably for the reasons already stated, no the amount above specified of 3,095,3401., corresponding deposits of gold or Bank of to which must be added an increase within England notes being deemed by the counthe same period of Bank of England notes try bảnks necessary to support their addito the amount of about 1,500,000l., mak- tional issues. These parties therefore, it ing in the year 1309, an addition in the inay be fairly stated, have been enabled whole of between four and five millions to under the protection of the law, which virthe circulation of Great Britain alone, de- tually secures them agaiost such demands, ducting only the gold which may bave been to create within the last year or fifteen with:Irawn in the course of that year from months, at a very trifling expence, and in MONTHLY MAG. No. 208.
for some other article which is capi- lustration place in a more striking tal, they fall into the channel of cire point of view the extent to which culation as so much circulating me. such of the Bank directors, as were diuni, and form an addition to the examined before the committee, seem inass of currency. The necessary ef. 'to have in theory embraced that does fect of every such addition to the trine upon which your committee mass, is to diminish the relative value have made these observations, as of any given portion of that mass well as the practical consequences to in exchange for commoilities. If the which that doctrine may lead in peaddition were made by noles con vert
riods of a high spirit of commercial ible into specie, this diminution of the adventure, than ihe opinion which relative value of any given portion of Mr. Whitmore aud Jr.Pearse have the whole mass, would speedily bring delivered ; thai the same complete se. back upon the Bank, which issued the curity !o tie public against any exnoles, as much as was excessive. But
cess in the issues of the Bank would if by law they are not 80 convertibles
, exist if the rate of discount were reof course
this excess will not be dured from five to four, or even io brought back, but will remain in the
three per cent. From the evidence, channel of circulation, until paid in however, of the late governor and ayain to the Bank itself in discharge deputy goverisor of the Bank, it
apof the bills which were originally pears, that though they siate the discounted. During the whole time principle broadly that there can be they remain out, they perform all the no excess of their circulation, if is. functions of circulating medin ; and sued according to their rules of disbefore they come to be paid in dis count, yet they disclaim the idea of charge of those bills they liave already acting up to iť in its whole extent ; been followed by a new issile of notes though they stated the applications for in a similar operation of discounting. the discount of legitimate bills to be Each successive advance repeats the their sule criterion of abundance or same process. If the whole sum of scarcily, they gave your committee discounts continues outstanding at a to understand, that ihey do not disgiven amount, there will remain per- count to the full extent of such apmanently out in circulation a corre plications. In other words, the direcsponding aniount of paper ; and if the tors do not act up to the principle which amount of discounts is progressively they represent as one perfectly souod increasing, the amount of paper, which and safe, and must be considered, remains out in circulation over and therefore, as possessing no distinct and above what is otherwise wanted for certain rule to guide their discretion the occasions of the public, will pro- in controling the amount of their gressively increase also, and the money circulation. prices of commodities will progres The suspension of cash payments sively rise. This progress may be as has had the effect of committing into indefinite, as the range of speculalion the bands of the directors of the Bank and adventure in a great commercial of England, to be exercised by their country.
sule discretion, the important charge It is necessary to observe, that the of supplying the country, with that law, which in this country limits the quantity of circulating medium which rate of interest, and of course the rate is exactly proportioned to the wants at which the Bank can legally dis- and occasions of the public. In the count, exposes the Bank to still more judgment of the committee, that is a extensive demands for commercial dis. trust, which it is unreasonable to excounts. While the rale of conmer- pect that the direciors of the Bank cial profit is very considerably higher of England should ever be able to than five per cent. as it has lately been discharge. The most detailed knowin mang branches of our foreign ledye of the actual trade of the countrade, there is in fact no limit to the
try, combined with the profound scidemands which merchants of perfectly crice in all the principles of money good capital, and of the most fru avid circulation, would not enable any dent spirit of enterprize, may
man or sei of men to adjust, and keep tempted to make upon the Bank for always adjusted, the right proportion accommodation and facilities by dis of circulating mediuin in a country count. Nor can any argument or ile to the wants of trade, When the
currency consists entirely of the pre- ed under an opinion that the paper cious metals, or of paper convertible could not be issved to excess if advancat will into the precious metals, the eil in discounts to inerchants in good natural process of commerce, by es bills payable at stated periods, and like. tablishing exchanges among all the wise under an opinion that neither the different countries of the world, ad- price of bullion nor the course of exjusts, in every particular country, the changes need be adverted tí, as affordproportion of circulating mediain to ing any indication with respect to the its acival occasions, according to that sufficiency or excess of such paper, supply of the precious metals which the your commitee cannot hesitate to say, mines furnish to the general market that these opinions of the Bank must of the world. The proportion, which he regarded as in a great measure the is thus adjusted and maintained by the operative cause of the continuance of natural operation of commerce, cane the present state of things. not be adjusted by any human wisdom Your committee will now proceed to or skill. If the natural system of cur statc, from the information which has rency and circulation be abandoned, been laid before them, what appears to and a discretionary issue of paper' have been the progressive increase, and money substituted in its stead, it is to be the present ainout, of the paper vain to think that any riles can be circulation of this country, consisting devised for the exact exercise of such primarily of the notes of ih: Bank of a discretion ; though some cautions England not at present convertible into may be pointed out to check and con. specie ; and, in a secondary manner, of trol its consequences, such as are indi the notes of the country bankers whicie cated by the effect of an excessive issue are convertible, at the option of the upon exchanges and the price of gold. holder, into Bank of England paper, The directors of the Bank of England, After having stated the amount of in the judyment of your committee, Bank of England paper, your colomithave exercised the new and extraordi- tee will explain the reason which innary discretion reposed in thenı since duce thein to think that the numerical 1797, with an integrity and a regard to amount of that paper is not alone to the public interest according to their be considered as decisive of the ques. conceptions of it, and indeed a degree tion as to its excess: and before stata of forbearance in turning it less to the ing the amount of country bank paper, profit of the Bank than it would easily so far as that can be ascertained, your have admitted of, that merit the con corumittee will explain their reasons tinuance of that confidence which the for thinking, that the amount of die Public has so long and so justly felt in country bank circulation is lunited by the integrity with which its affairs are the amount of that of the bank of directed, as well as in the unshaken England. stability and ample funds of that great 1. It appears froin the accounts laid establishment. That their recent po. before the coinmittees (pou licy involves great practical errors, affairs in 1797, that for several years which it is of the utmost public inus previous to the year 1796, the averportance to correct, your committee age amount of bank notes in circu. are fully convinced; but those errors bition was between £10,000,000 and are less to be imputed to the bank $11,000,000. hardly ever falling bedirectors, than to be stated as the low £9,000,000, and noi ofien exceee. effect of a new system, of wrich, ing 10 any great amount €11,000,000. however it originaled, or
The following abstract of the sevedered necessary as a temporary espedic ral accounts referred to your commitent, it might have been wellit pariia- tee, or ordered by your committee liament had sooner iaken into view all from the bank, will shew the prothe cousequences. When your com. gressive increase of the notes from mittee consider that t'. " 'iscreti, hry ibe year 1798 lo the end of the last power, of supplying in D Dmith year. circulating mediuca, in to v Cxercis.
Average Amount of Bank of England Notes in circulation in each of the
following years ;
Taking from the accouots the last at the desire of your committee, fur, half of the year 1809, the average will nished a comparative scale, in progress be found higher than for the whole sive numbers, shewing the increase of year, and amounts to £.19,830,310. the amonnt of their discounts from the
The notes of the bank of England year 1790 to 1809, both inclusive. are principally issued in advances to They made a request, with which your government for the public service, and conmittee have thought it proper to in advances to the merchauts upon the comply, that this document miglit pot discount of their bills.
be made public; the committee thereYour commitlce have had an ac fore have not placed it in the appendix count laid before them, of advances to the present report, but have returnmade the bank to government on ed it to the bank. Your committee, land and malt, exchequer bills and however, have to state in general other securities, in every year since terms, that the amount of discounts the suspension of cash payments ; from has been progressively increasing since which, as compared with the accounts the year 1 796 ; and ihat their amount laid before the committees of 1797, in the last year (1809) bears a very and which were then carried back for 20 high proportion to their largest aniount years, it will appear that the yearly ad- in any year preceding 1797. Upon this vances of the bank to government have particular subject, your committee are upon an average, since the suspension, only anxious to remark, that the largbeen considerably lower in amount than est amount of mercantile discounts by the average aniount of advances prior the bank, if it could be considered by to that event, and the amount of those itself, ought never, in their judgment, advances in the two last years, thougb to be regarded as any other than a greater in amount than those of some great public benefit ; and that it is years immediately preceding, is less only the excess of paper currency ihan it was tor any of the six years thereby issued, and kept out in circnpreceding the resiriction of casli pay- lation, which is to be considered as menis.
the evil, With respect lo the amount of com But your committee must not omis mercial discounts, your cominittee did to state one very important principle, not think it proper to require from the that the mere numerical reiurn of the duectors of the bank a disclosure of amount of bank notes out in circulatheir absolute amount, being a part of tion, cannot be considered as at all de their private transactions as a conimer ciding the question, whether sich pacial company, of which, without ura per is or is not excessive.
It is neces. gent reason, it did not seem right to sary to have recourse to other tests. demand a disclosure. The late go. The same amount of paper may at one veruor and deputy gurernor, however, time be less than enough, and at an,