price of bullion raised, by an issue of such paper to excess, is not only established as a principle by the most eminent authorities upon commerce and finance, but its practical truth has been illustrated by the history of almost every state in modern times which has used a paper currency; and in all those countries, this principle has finally been resorted to by their statesmen, as the best criterion to judge by, whether such currency was or was not excessive.

In the instances which are most famiJiar in the history of foreign countries, the excess of paper has been usually accompanied by another circumstance, which has no place in our situation at presenta want of confidence in the sufficiency of those funds upon which the paper had been issued. Where these two circumstances, excess and want of confidence, are conjoined, they will co-operate and produce their effect much more rapidly than when it is the result of the excess only of a paper of perfectly good credit; and in both cases, an effect of the same Bort will be produced upon the foreign exchanges, and upon the price of bullion. The most remarkable examples of the former kind are to be found in the his tory of the paper currencies of the British Colonies in North America, in the early part of the last century, and in that of the assignats of the French Republic; to which the committee have been enabled to add another, scarcely less remarkable, from the money speculations of the Austrian government in the last campaign. The present state of the currency of Portugal affords, also, an instance of the same kind.

It was a necessary consequence of the suspension of cash payments, to exempt the bank from that drain of gold which, in former times, was sure to result from an unfavourable exchange and a high price of bullion. And the directors, released from all fears of such a drain, and no longer feeling any inconvenience from such a state of things, have not been prompted to restore the exchanges and the price of gold to their proper level by a reduction of their advances and issues. The directors, in former times, did not perhaps perceive and acknowledge the principle more distinctly than those of the present day, but they felt the inconvenience, and obeyed its impulse; which practically established a check and limitation to the issue of paper. In the present times, the inconvenience is not felt; and the check, accordingly, is no longer

in force. But your committee beg leave to report it to the House as their most clear opinion, that so long as the suspen→ sion of cash payments is permitted to subsist, the price of gold bullion and the general course of exchange with foreign countries, taken for any considerable period of time, form the best general criterion from which any inference can be drawn as to the sufficiency or excess of pa per currency in circulation; and that the bank of England cannot safely regulate the amount of its issues, without having reference to the criterion presented by these two circumstances. And upon a review of all the facts and reasonings which have already been stated, your committee are further of opinion, that, although the commercial state of this country, and the political state of the continent, may have had some influence on the high price of gold bullion and the unfavourable course of exchange with foreign countries, this price, and this depreciation, are also to be ascribed to the want of a permanent check, and a sufficient limitation of the paper currency in this country.

In connexion with the general subject of this part of their report, the policy of the bank of England respecting the amount of their circulation, your com mittee have now to call the attention of the House to another topic, which was brought under their notice in the courseof their enquiry, and which, in their judgment, demands the most serious consideration. The bank directors, as well as some of the merchants who have been examined, shewed a great anxiety to state to your committee a doctrine, of the truth of which they professed themselves to be most thoroughly convinced, that there can be no possible excess in the issue of Bank of England paper, so long as the advances in which it is issued are made upon the principles which at present guide the conduct of the directors; that is, so long as the discount of mercantile bills is confined to paper of un doubted solidity, arising out of real commercial transactions, and payable at short and fixed periods. That the discounts should be made only upon bills growing out of real commercial transactions, and falling due in a fixed and short period, are sound and well-established principles. But that, while the bank is restrained from paying in specie, there need be no other limit to the issue of their paper than what is fixed by such rules of discount, and that during the suspension

lity of the bills discounted, as real ones and payable at fixed and short periods. They could not much exceed the proper bounds in respect of the quantity and amount of bills discounted, so as thereby to produce an excess of their paper in circulation, without quickly finding that the surplus returned upon themselves in demand for specie. The private interest of the bank to guard themselves against a continued demand of that nature, was a sufficient protection for the public against any such excess of bank paper, as would occasion a material fall in the relative value of the circulating medium. [We should do injustice to our readers, and to the able authors of this valuable Report, if we curtailed it farther; we propose, therefore, to finish it in the usual Supplementary Number, published on the 15th of January.]

To the Editor of the Monthly Magazine.

SIR,

AM happy in being able to satisfy the I enquiries of your correspondent E. E. M., relative to a method of preparing pencil drawings so as to prevent their becoming obscured, or the

strength of their shades lessened, by rubbing or exposure. The best known method (and which is in use by many artists) is to wash a solution of the best isinglass in warm water, all over the surface; to be of a gelatinous consistence when cold, but used warm, and applied with a soft brush. This will preserve them perfect, and at the same time improve their appearance.

Some artists wash their sketches with milk, to prevent the effects complained of, which answers the purpose so far; but prevents all tinting, or any applica

tion of colour to them afterwards.

S. P.

SIR,

my name.

Captain Manby's addition to my invention, appears to be only a grapple, which I consider as not necessary, for the following reasons: 1st. If the ball do not exactly reach the ship, the grapple is wholly useless; whereas, according to my original plan, if the ball and rope come any where near the ship, the crew may grapple them from on board. 2ly. If Captain Manby's ball do reach the ship, in this case too the grapple is nearly useless, because, without its aid, the people on board will, of themselves, be sufficiently alert in catching and securing the rope, as the means of their salvation.

At all events, Sir, allowing to Captain Manby whatever praise may be due to him for his addition of the grapple, which has so fortunately secured to him the parliamentary grant, I hope, at least, that the impartial reader will allow me some little share of credit for the original and principal invention-Sic cos, non J. CAREY.

vobis.

Islington, Dec. 14, 1810.

See Monthly Mag. for September, p. 151, Ta

For the Monthly Magazine. JOURNAL of a recent VOYAGE to CADIZ. (Continued from p. 319.)

I

December 12, 1808.

WAS much gratified one evening by a visit to the academy of Painting, &c. It is not attended in the day-time, but is open only at night, throughout the year, excepting a short vacation which is just past.

There are in it from three to four hundred persons, of all ages, who study, under proper masters, writing and draw ing; every article of paper, pens, pencils, &c. is furnished by the institution, which has existed about thirty years, and is a national charge.

The students are divided into classes, according to their abilities and progress; it may with more propriety be called an academy for Drawing, because the brush is not introduced; and, when a student wishes to perfect himself in painting, he is sent to Italy for instruction.

The drawings are made from the best selected pieces that have been produced by former students. In one room a number of boys were writing, in another copying some simple part of the body, in another the face, groups, &c. others were studying architecture; some copying the Venus de Medici, from a plaster cast: and in this room were several casts from the antique; among the rest the celebrated Laocoon, which it is unnecessary for me particularly to describe; I will therefore only quote Thomson's description of it:

"The miserable sire, Wrapt with his sons in Fate's severest grasp, The serpents twisting round their stringent

folds

Inextricable tie. Such passion here!
Such agonies! such bitterness of pain!
Seem so to tremble thro' the tortur'd stone,

The last room we entered was opened only to a few visitors; but, as the late minister of state, Don Pedro Cevallos, inspected the institution while I was there, I accompanied the suite to this apartment, where an advanced pupil was studying from nature. The room was large, having a strong dead lamp suspended in a shade, for the purpose of casting the light on the "living statue." The subject, I think, was melancholy, and the poor fellow seemed to convey to me his feelings, and excite pity, while he sat motionless in his pensive posture.

I had not room in my last to mention the new cathedral. It is now only the shell of an immense pile of building, the erection of which began about a century since, and, were it finished, would present a most elegant structure of modern architecture. It was left in the present unfinished state about fifteen years ago, in consequence of the merchants having refused to pay any longer the contribution or tax, which had been levied on them towards its erection. It exhibits, in the midst of the riches that annually flow into Spain, the indifference of the government as well as of the people, to accomplish the undertaking.

The gloomy unfinished state in which it now is, gives one the idea of a mountain turned inside outward. It is now only a thoroughfare from one part of the city to another; and no inhabitant would stop there to look around him, were not an image of the Virgin placed within an enclosed altar, having a solitary lamp, which sheds its rays on the passenger.

The walls are in the form of a cross; the small part of the roof that is covered, is supported by beautifully-fluted columns of white marble; the pedestals are of variegated marble, and, with part of the

view;

Almost unmark'd the best proportions pass
That ever Greece beheld; and seen alone,
On the rapt eye th' imperious passions seize;
The father's double pangs both for himself
And sons convuls'd; to Heaven his rueful

look

them from injury. The high altar was to be ornamented with the varieties of marble found in Spain; some of the pilasters, columns of porphyry, &c. just visible at the edges of the casing, give an idea of the grand effect intended to be produced. The centre was to be surmounted by a dome, of which only the supporting pillars are erected on the roof; these are not covered, the interior, therefore, is not preserved from the effects

of the weather.

The vaults for interment, underneath the church, are formed, but they have not buried in them, nor will they for reasons given in a former letter; I am told that they are curiously constructed, but are now damp and unwholesome. I, therefore, did not enter them. The outside walls, as well as the inner, are composed of white marble; they are made a convenience of by ballad-singers, who decorate them with their songs; and they serve to shelter the fruit-girl from the rays of the sun.

Not far from hence is the inclosure where the bull-fights are exhibited. It is an amphitheatre, built of wood, upwards of two hundred and fifty feet in diameter, and will contain eighteen thousand persons; the price of admission is a dollar each: but the circumstances of the times have occasioned a forbiddance of this amusement, which the Spaniards consider as forming a part of their national character-it is so, if cruelty and torture belong to it. The last bull-fight was at Malaga, in the course of the sum mer, for the purpose of raising money to set the Spanish troops in motion.

Although it is confessed to be a barbarous spectacle, yet I never heard of a Spaniard who did not delight in it; they go miles (rather leagues) on such an occasion, and take pride to themselves in witnessing the cruelty, the torture, and she courage, alternately shewn by the bull, the horse, the dogs, and the men.

I have often heard it described, but shall fail in my attempt to give you a correct notion of it. A bull is chosen for his ferocity, and let loose from a dark confinement into the area, where are in waiting the spearman (called the picador) on horseback, and his attendants on foot; who, when the bull rushes on the horse, endeavour to draw him off by throwing at him coloured woollen cloaks. The animal generally aims at goring the horse in his sides, and is often successful in throwing him and the rider; some times killing both on the spot. If the bull do not shew sufficient courage in his attacks, he is worried by large dogs, and pierced with barbed rockets thrown into his body. When he is subdued, and no longer able to maintain the contest against so many adversaries, the prizefighter enters on foot, and with a dexterous blow with a sword, stabs him in the vertebræ of the neck, causing him to vomit torrents of blood, while he is after ward dragged from the area by mules, decorated with flags, &c. amid the shouts of the spectators.

It is usual, on these occasions, for the bull to be dedicated to some personage of rank; and if those are present whose name is announced, the prize-fighters receive a reward for the honor conferred.

I had the curiosity to see the interior of the building; it is well arranged with rising seats, fancifully painted and ornamented; but it is in complete decay, the wood-work being rotten, and the area covered with vegetation. The woman who has the care of the place, shewed some of the dogs which are engaged in the bull-fight; they are very large, and superior in size and ferocity to the Eng lish mastiff. On her describing the amusement, she expressed her sorrow at the discontinuance of it; but added a hope, that ere long, a bull may be killed to the honour of Ferdinand VII. and the British nation.”

Adjoining this place is the prison, a large strong building; I found it would be improper to go withinside, though an oflicer's guard is always on duty, and was therefore contented to pass it, remarking its neatness on the outside, and the following inscription over the entrance: "Odio al delite-Compadece el delinquente. Hatred to crimes-Pity the criminal."

Beside this prison is a house of correc tion for women, and a building for the felons who are sentenced to slavery. There are not many of the latter now here, the few we see are employed on the fortifications, or dragging carts about the town; they are chained two and two, and are attended by a file of soldiers and a corregidor, who applies the whip to them occasionally.

The number of these wretches is con

I

siderably lessened, in consequence of their having been formed into a corps of sharp-shooters, to which they were in general well adapted, as they were chiefly smugglers, and had had their abode in the mountains. They have, however, proved since being in the army their gratitude for their freedom by their attachment to their country's cause, and by their valourous behaviour with the enemy. will quote an honorable testimony to them, from the Gibraltar Chronicle of the 26th of the last month. of Lerin was occupied by the sharpshooters of Cadiz on the 23d of October, and defended until the morning of the 26th. These men were composed of the slaves and other prisoners who had their liberty granted to them on condition that they should enter into the army;

"The town

they