impartial view of the subject, morally bad, enabling engagements to be fulfilled between parties on terms certainly not contemplated at the time of the bargain, and therefore exercises an authority to arbitrate accounts between debtor and creditor, with whom the public have no concern; by which one loses what the other gains, and by no act of their own. In order to set this matter in a clear light, we will suppose, for example, by the effect of the restriction, in round numbers, the change for a one pound note is twenty shillings, and for a sovereign thirty in the market. I had in corn, the value of which was yesterday 2000l., to day 3000l. I owe as much, and am just clear of the world. Had I made arrangements with my creditors yesterday, I should still be 10007. in their debt; but, thanks to the restriction, I am exonerated from any claims upon me by an "ex post facto" law, and my creditors are defrauded.

Then how was it with the public creditor? His income was virtually reduced while his dividends were paid in paper, by the rise in the markets proportioned to the depreciations in the currency. Nor did the base paper which he received, or the base manner in which he was deprived of any redress, establish his confidence in public faith. In this instance, as well as what related to the income tax, as affecting funded property, whether belonging to absentees or not, the public creditor could not feel himself otherwise than at least disappointed, after all the methodistical cant by which his interest had, above all others, been attempted to be supported; both these acts operated therefore in violation of a principle pretended to be held sacred.

But, in the second place, we had proposed to consider the immediate consequence of this measure; and it should be understood particularly to relate to how far the revenue has been virtually increased by returning to cash payments. And of this there can be no doubt, in the proportion above described of three to two. Therefore, before we carry the justification of ministers through the whole piece, as they pretend it originated in themselves, let us take the trouble to inquire, whether, in their furor for reductions, they have manifested their "resolute purpose" to arrive at this desirable object, by eagerly embracing so favorable a moment for lessening the public burdens to an amount equal to the difference between taxes received in gold or in the depreciated currency. The return to cash payments approaching, and being provided for, gold became of the same value as the paper which represented it. In short, when government received twenty shillings in the form of taxes, it was no longer twenty shillings of a mere nominal, but of an effective value, so materially was the revenue improved. Yet, in spite of economy, the succeeding year of 1820 was ushered in

with an increased demand on the public of 300,000l., as the total amount of the ordinary service and the total supply experienced no şensible diminution. The ways and means were the same, and therefore required the same animadversion, and a double sense of obloquy, on the part of those capable of inquiring into their merits and, what is still more extraordinary, they have the effrontery to introduce the ways and means of this year as no other than the usual manner of proceeding, though the last year was the first, and the present but the second attempt of the kind, in appropriating the sinking fund.

We have little to remark on 1820, as they appear only to have returned to the estimate of 1818, with this simple difference, that they thought proper to apply an additional million of the said fund over the last and preceding year, viz. thirteen millions.

In proceeding at last to a more general view of the subject before us, we shall agree most cordially in granting, that at the conclusion of the war our forces were great and complicated; that officers and men deserved well of their country; and that "at the end of no former war were such establishments to be reduced, and so many soldiers and sailors to be thrown upon the agriculture of the coun try." But what is the natural inference to be drawn? Can any thing appear more a matter of course, in answer to this part of the subject, than the larger the pitcher the more can be spared? Let the quantity be measured out which can be spared, as the enormity of the expenses incurred during the war requires no less than suitable reductions at the peace.

On the contrary, we are taught to believe in the urgent necessity of continuing a certain extended scale of expense, on the absurd ground, "that innovation is already at work in every part of Europe.1

The charge is too true; the danger imminent. But to whom can we attribute it, to the people or their government? Will troops preserve tranquillity; or, oppressed like the people, and of the same species, fraternize with them, and achieve the consolidation of their power? What is the end of civil government, but strength and security for every individual under the empire of laws, in framing which both the soldier and the citizen enjoy their full share.

Rebellion is when bands of men within a state oppose themselves with violence to the general will, as implied or expressed by the public authority. But the sense of a whole people, peaceably collected, and operating by its natural and certain effect upon the public counsel, is not rebellion, but the parent of authority itself. Reform in the commons of parliament might be obtained by that which must and will in the end obtain every thing from any government, however constituted, the slow, gradual, and progressive effect of public opinion.-See Lord Erskine on the State Trials.

The cultivator gathers fruit in the ripening season; the enlight ened statesman does the same with reformation, the growing fruit of an improving order of things. Obstruct or accelerate its natural progress, innovation follows, like fruit not gathered in due season. The one may be compared to a wholesome and nourishing aliment, greedily devoured by the people to satisfy the ameliorating condition and taste of society; the other the cause of the destruction of a barrier chosen for its defence, under conflicting elements which separate a people from its government.

Reformation, owing to that natural and uninterrupted stream of gradual improvement which takes place in human affairs, grew and florished under British protection in North America; but, neglected to be gathered, became innovation, and fell like decayed fruit from the tree. It has been the same with the Spanish and Portuguese settlements: and however these convulsive movements in the order of nature may eventually conduct to the most important ends, it becomes our short-sighted views of the administration of human affairs carefully and assiduously to avoid precipices; though, under the dispensations of an all-wise Providence, we may plunge ourselves and others into a calm.

It is happy if great changes in civil institutions are brought about, without so far separating, in the minds of individuals, a sense of interest from that of duty, as to produce a state of weakness, to which in such a case they must momentarily tend, providing certain incentives to evil, and hiding places for the guilty.

The peninsula of Europe has experienced at least some shades of suffering in these respects; but on the whole, in a general view, presents to kings and their ministers a lesson of experience, superior to any example hitherto set before them. The reflecting part of these kingdoms, obedient to the seasons, are happily conducting, by gigantic strides, through the lights of our day, these people to a prudent course; and with a dignified moderation, becoming true loyalty; they are attempting to preserve the authority of their chiefs, flattering themselves with the cheerful hope, however distant, that ancient prejudices may be abandoned, to give place to the united power, moderation, and security of states. These changes, synonimous with reformation, are natural in their course; but when interfered with by the most skilful artisan, its certain

The old French word "loiaultè" was first introduced to us by the adherents of Charles the First, after his inter-marriage with Henrietta of France, to signify a firm and inviolable attachment, and includes the "quand même" in the modern lexicon of that nation. We would be understood to use it in its general acceptation-an habitual attachment to the authority of our chiefs.

consequence is the annihilation of the throne. And we shall further remark, that it is among the many consolations, provided for by the frame-work of civil society, that it instructs us of this imperious truth, that if any thing exceeds the inward satisfaction arising from a gentle exercise of power, armed with justice, in kings, it is the spontaneous manifestation of gratitude in their people. How differently are our feelings awakened by the iron sceptre held over the corn fields of Poland, and the cradle of the arts. Ultras may forge fetters, and despise the inward man, not yet subject to their control; and though we see them industriously at work, their empire will be short, under existing circumstances. This we presume, by a generous reader, will hardly be thought extraneous matter, unfit to be introduced; but we will return to the task we had more immediately imposed upon ourselves.

In considering the resources of the country, the commerce, the navigation, the manufactures, the internal trade, considered as a whole, and not in detail, ministers, or rather the brilliant pen of their advocate, has drawn a most animating picture, perhaps with few exceptions a true one, of public prosperity. For though he has looked up many avenues of beautiful perspective with Herschell's magnifying powers, there are more of these avenues, to which his attention has never been drawn. But however narrow may have been the scale of his observations, we see, under the heads here enumerated, "that our funds of commerce and industry exist in the same vigor and integrity as during the war;" that the cotton manufactures alone, which may be taken as a broad example, constituting in themselves more than half our foreign exportation trade, have increased from seventeen to twenty-three millions; and it is but fair and candid to admit, which we cheerfully do, that if these general statements bear them out under a closer investigation, they are the more extraordinary, from a gradual and unprecedented diminution of prices, felt as affecting every article of trade.

We are prepared to contemplate an inexhaustible source of exultation, in our future prospects; which feeling must animate the breast of every Englishman proud of his country. In the hope, that the conveniences and comforts, to be enjoyed down to the lowest, may answer to the most sanguine expectations, under the protection of wholesome laws, and less profusion and excess in the habits of those looked up to, as examples to others.

To what can we attribute this happy condition of things? Certainly not to a narrow, time-serving policy, but to the people as a mass; to a high state of refinement as respects the sciences and the arts, which directs not only our war tactics; but, above all, that enterprising spirit as to general concerns, which every where

prevails; in short, the genius of the age in which we live; so proud an eminence, when it acquires a certain consistency, increases by an improving ratio. Greece and Rome were examples of it. In short, there is a principle continually operating, which cannot fail to weaken the effects of an illiberal policy, to which, if not thoroughly watched, men are too often tending when invested with power.

Adam Smith has well explained it, "that the habitual efforts of every individual to better his own condition, when suffered to exert itself with freedom and security, is so powerful a principle, that it is alone, and without any assistance, not only capable of carrying on the society to wealth and prosperity, but of surmounting a hundred impertinent obstructions, with which the folly of human laws too often incumbers its operations; though the effect of these obstructions is always more or less either to encroach upon its freedom or to diminish its security."

In short, the flame of intellect disseminates so vivid a light through the atmosphere of these realms, as to leave us assurances, that we may be guided even through the rather discouraging observations which conclude this part of the subject.

They say "it is notorious, that the accumulated stock of our manufacturers and merchants has diminished at least thirty per cent., and that a capitalist, who ten years since was worth 20,000l. in the value of his stock in hand, is now not worth 14,000l.; or, to adopt a popular term, has suffered an extinction of a third."

Evils are not without their compensation and grace to lessons of experience. Ministers are become more moderate in their views, notwithstanding the zenith of power on which this country is seated; they confidently assert, "that the system of loans and new taxes has reached its termination; that we are now living upon our income, and are in condition yearly of redeeming some part of a mortgage, which undoubtedly presses heavily on the industry of the people."

As to the latter observation, certain rapacious hands have applied the substance and left only the shadow, provided for this object, by their predecessors in office, in the instance of the sinking fund, the inviolability of which had been established for years as a principle, and from which they had pledged themselves never to depart. Can it be necessary to explain so simple a proposition, that the only way to pay off is to lessen the debt? That to pay one and borrow four is not paying, but borrowing three; a system of mischievous jobs, by which the friends of ministers, and ministers themselves, command the markets, at the expense of opening a dangerous door to corruption, by which crowds of hungry mouths gain admission, and gape for food, gathered from the spoils of their country. VOL. XXI. NO. XLI. B

Pam.