restriction act, the obvious and effectual remedy is the renewal of cash payments; but the repeal of this act, which has -produced so much mischief, seems to be viewed with a degree of hesitation and terror greater than ought to be encouraged. The expence and difficulty to which the bank would perhaps be exposed, may be held up as perpetual obstacles to the expediency of removing the restriction. The bank, considered as a corporation not merely for public purposes, but as traders for private emolument, are deeply interested in the continuance of the restriction. As connected with the public good, every measure affecting their operations is certainly to be adopted with the utmost caution; but as private individuals, they are entitled to no further consideration in point of expence and difficulty, than that the fixing a period at a reasonable distance should afford them the opportunity of taking every preparatory step which discretion and good sense may point out for the purpose of diminishing the risk, preventing unnecessary loss, and securing ultimate and permanent success.

Lord Lauderdale formally announces that the reduction of the quantity of bank paper in circulation, is the only remedy for the existing evil; a self-evident proposition, after admitting that the depreciation arises from the excessive issue. This, however, he makes the subject of a separate section: not, of course, for the purpose of proving that the diminution of any thing is a fit remedy for the excess of it; but of throwing, we conceive, an unnecessary and unfounded degree of ridicule upon some temporary expedients that have been adopted, such as the Irish treasury drawing on London at a rate inferior to the natural or market course of exchange, the issue of a quantity of stamped dollars at the value of six shillings, and the restraint on the circulation of all notes of less value than twenty shillings. The means which his lordship proposes in his concluding section are, calling in the debts due by government, borrowing upon loan, and increasing the capital of the bank. We are not disposed to deny the efficiency of these means to accomplish the object in view, but they are far from shewing any thing like absurdity or impropriety in the measures which have excited his lordship's disapprobation. The noble earl cannot be serious when he supposes that these measures have been devised for the purpose of effectually redressing the grievances under which Ireland now labours.

As we understand them, they are measures calculated to induce the bank to begin the necessary curtailment of their credits, and gradually to withdraw the superfluous notes from circulation. The means recommended by his lordship are not the objects of compulsory acts on the part of government; they are addressed to the good sense and patriotism of the bank

proprietors. Every thing, therefore, which has a tendency to encourage the bank to the use of these means, has a beneficial effect more or less, while its operation continues. It is evident then, that the treasury drawing on London at a rate under the market course of exchange, must necessarily lower the exchange; and the issue of silver, as far as it goes, improves the general currency, at least for a time. Both these circumstances, the fall of the exchange and the amelioration of the currency, counteract the depreciation of the bank paper, or in other words raise its value; and if taken advantage of while in operation, enable the bank to withdraw part of their notes with less loss and inconvenience.

There are other measures which have been mentioned as likely to contribute materially to produce the desired effect, and are well worthy of attention; particularly the making the paper of the Irish national bank convertible, on demand, into bank of England paper. The chief objection to this naturally comes from the directors of the bank of Ireland, and is founded on the expence they must be at in purchasing a sufficient quantity of bank of England paper to supply the demand. 'This, however, we conceive has been overrated, and no further loss would accrue than what the previous misconduct of the bank of Ireland directors deservedly subjects them to.

And it is evident, that, even admitting, for the sake of argument, that there would be a loss, it would be merely temporary, and only to an extent sufficient to provide payment for some of the first remittances made under this plan; which remittances would soon cease to be made in English notes, because the very circumstance of making payments in them would take away the cause of an unfavourable exchange, by giving to the debts due by Ireland to England their true and real value. Thus, when the credit and value of English paper was attached to that of Ireland, the effect on public opinion would be such, as to produce an exchange at par. If it should afterwards happen, which is almost impossible, that the exchange should be against this country, it will arise from an excess of bank paper being left or issued into circulation. But as this advance in exchange would immediately operate as a loss to the bank in providing English notes, it is evident the directors will never issue paper beyond such a limit as will maintain the exchange at par. This is the true limit which should be placed to their issues of paper.' P. 55.

Another measure calculated to produce a similar effect, and apparently liable to less objection, is that which is to be found in the evidence of Mr. Mansfield before the committee, the substance of which is given by Mr. Parnell with tolerable cor

rectness.

After the peace of Versailles, exchange was from 5 to 6 per

This

The

cent. against Scotland. The cause of it arose from artificial means, by people collecting gold from the different banks, bringing it to London, and passing their bills at Edinburgh for the same. lasted for a considerable time; it began to alter about 1770. two chartered banks of Scotland, seeing that exchange arose from artificial means, began to think of collecting as much funds as they could to bring to London of their own. Those funds they lodged partly with the bank of England, and partly with their own bankers; and the banks then began to reduce the rate of exchange gradually, by beginning at, perhaps, half per cent. or one per cent. less in drawing on London than the common rate, till they reduced it to what it has since been.

At the time exchange was most against Scotland, the currency of Scotland was principally paper, and that to a greater extent than the natural trade of the country required. After May, 1766, the chartered banks of Scotland finding that they had given imprudent credit to bankers and their agents to issue notes, they curtailed them very much, and cut off the credits of the agents of the country banks who held accounts with them. The unfavourable state of exchange commenced nearly at the time when these extraordinary credits were given, and the new banks were instituted. The system of the chartered banks contributed to diminish the too great extension of paper, which was composed partly of that of the old and new banks. Mr. Mansfield said, I certainly think that the over issue of paper was the cause of the high rate of exchange. No inconvenience arose from the change of the system, besides the temporary one of the banks being obliged to provide funds in the first instance in London; on the contrary, it has been productive of the greatest good. The exchange was brought gradually to a fixed rate, and has continued at that rate ever since the banks paid their notes by bills on London, at a fixed date.' P. 140.

66

Lord Lauderdale accuses the exchange committee of a misconception of Mr. Mansfield's evidence, and supposes that the establishment of a fund in London is recommended, without any means being at the same time employed to diminish the quantity of paper in circulation. With submission to his lordship, his observations in this respect discover some degree of unnecessary anxiety to find fault; for although it be true that the measures taken by the bank of Scotland to recall a great proportion of their notes preceded their establishing a fund in London some considerable time, it does not follow that such establishment might not sooner have taken place with more immediate effect. In fact, the very commencement of such an establishment involves in it the necessity of diminishing the quantity of paper in circulation, to make provision for the new fund; and all that is requisite to be attended to, is, that in withdrawing the superfluous notes, the curtailment of credits, the limitation of discounts, and other means resorted to, be used with such prudent deliberation as to prevent any se

rious interruption to the legitimate pursuits of the mercantile community. Every measure of this sort, as far as it tends merely to repress extravagant speculation and the inordinate thirst of gain, although it may be attended with partial inconvenience, is highly beneficial in its ultimate general effects.

In the event of these measures contributing to raise the value of the paper currency, the present state of the silver and copper currency demands the earliest attention. No remedy for the evils now complained of appears to be effectual, except a new silver and copper coinage of sufficient magnitude to render it practicable to call in the whole of the base coin now in circulation. It appears to be further desirable, that in the adoption of this plan there should be an assimilation in the value of the component parts of the coin in both countries, so that the par of exchange may be expressed in equal quantities, and not, as at present, by a per-centage of eight pounds six shillings and eightpence. So extensive a new coinage must be attended with trouble and exertion on the part of government; but the difficulties to be obviated are trivial, when com pared with the injurious effects of the present system. In Mr. Parnell's opinion,

The present appears a good opportunity for making the currency of Ireland in every respect similar to that of England. If beside a new silver coinage, a coinage of copper was also adopted, and the value of it so settled, that 12 pence should be equal to a shilling, the great trouble and inconvenience attending the settling of accounts according to the present value of the copper coin would be removed. But this plan should be attended with a regulation that all payments on instruments executed prior to the alteration, should be payable according to the usual coinage.' P. 93.

We must take the liberty of adding, that in the first place every rational and probable means of reducing the quantity of paper, and consequently raising its value, ought to be adopt ed and steadily acted upon; otherwise the good effects of new coinage must for obvious reasons be retarded, if not entirely counteracted.

Mr. Parnell introduces some interesting observations on the effects of the remittances to absentees, supposed to amount to two millions sterling, with a view to prove that the opinions entertained of the injury they do to Ireland, as tending to diminish its wealth, are altogether erroneous. In order to form a satisfactory opinion upon this subject, we confess we think it deserves a more minute investigation than it has hitherto undergone. There is certainly some truth in the remark, that when the rents to be remitted are applied to the purchase of articles in Ireland, and the payments made by their exportation,

the encouragement to industry is so far kept up, and the supposed evil counteracted by the advantages derived from an inerease of exports; but we do not see that this must necessarily be the uniform consequence of having so large a sum to remit to England.

The subject is intricate, and at present rests too much on theory. The public would be indebted to any intelligent gentleman who would take the pains to collect as many facts as possible respecting the management of the estates of absentees, and the means usually resorted to for the remittance of rents. In the mean time we cannot but express our conviction, that the non-residence of so many men of rank and fortune must, under all circumstances commercial and political, be unfavourable to the interests of Ireland.

ART. VIII.-Lectures on the Acts of the Apostles, explanatory and practical, by Richard Stack, D. D. late Fellow of Trinity College, Dublin. Second Edition. 8vo. 75. Cadell and Davies. 1805.

IF we except the writings of Moses, and the gospel history of the life of our Saviour, the book of the Acts of the Apostles contains an account of the most important and most interesting period in the annals of the whole world. The characteristic source of this importance is well pointed out in the passage of St. Chrysostom which Dr. Stack has chosen as the motto for his work. Τὰ μὲν οὖν εὐαγγέλια, ὧν ὁ Χρισος ἐποίησε και είπεν, ισορία τις ἐστιν· ἀἱ δὲ πράξεις, ὧν ὁ ἕτερος Παράκλητος εἶπε και εποίησε. The Gospels are an history of things which Christ did and spake: the Acts, of things which another' (rather the other) 'Paraclete spake and did.' And yet perhaps this importance would force itself upon our minds much more strongly, if both the gospels and Acts were considered in their connexion with the book of Genesis, and the other writings of Moses. What can be more interesting than the grand principles of truth and knowledge, which they thus jointly offer to our understandings! The three words creation, redemp tion, and sanctification, which have a distinct reference to those three writings, and to the divine operations described in them, will easily be seen to comprise materials, in which man is more concerned than in any other which can possibly be presented before him.

To any one who should approach the subject in this train, and with a mind prepared and fortified by those conclusions to which the contemplation of this economy would lead him, it would appear no mystery to perceive the forlorn, scanty, and scattered flock, which Jesus left behind him, after all his teach