progressive power and strength of their dominions.

It were much wiser policy in all the states on the face of the earth, to endeavour to raise themselves by their own prudence and internal energies, to that height of comfort, reputation, security, and importance, which nature, with their situation, relatively considered, in all its bearings, admits, or to which it invites, than to insinuate or await the degradation of any other state, or to indulge feelings of envy and rivalship. Whoever contemplates the circumstances of great empires by the light of history, knows that they are exposed to reverses of no common order; and that apparent force is a very different thing from real power. With great labour a certain point is attained, a certain degree of exaltation and dignity, then-from some unexpected quarter suddenly arises an impediment to further progress, if not an occasion of entire reverse, and an additional lesson is afforded to mankind on the instability of terrestrial grandeur, and the inherent mutability of all things. Against that mutability we know no better preservative than that kind of openness and publicity of public measures which invites discussion, and is willing to take advice, from whatever quarter offered. If it be not an indication of real strength, it is one of the means for obtaining strength; and, especially, strength of that particular kind, which, in affairs of state, connects with, and is dependant on, Financial Operations.

Official Report of the Council for the Establishment of Public Credit, on the State and Progress of the National Establishments for Invigorating the Finances and Commerce of the Russian Empire.

St. Petersburgh, March 5 (17), 1818. The Council for the establishment of Public Credit held their first sitting on the 22d of February, under the Presidency of Prince Lapouchin, when M. Gourieff, Minister of Finance, made an exposé of the system of credit; after which a Committee was ap. pointed for a revision of the establishment of the Bank of Assignments, and the Loan Bank. The speech was as follows:

"Gentlemen, -It is by the will of the Emperor, and by the choice of the nobility, and of the corporation of merchants, that you are invited to the Council for the Establishment of Public Credit, which ably to the regulation confirmed by his Imcommences its functions this day, conformperial Majesty on the 7th of May, 1817.

"As mediators between the public and the persons directing these establishments, it is your duty to examine and ascertain whether the regulations which were prescribed to them have been strictly ob

served.

their administration, and to examine the "But before you proceed to enquire into accounts which they have to lay before you, permit me, Gentlemen, to offer you a statement of the progress of our system of credit, and of its present situation.

"The Imperial Banks were established in the course of the last fifty years of the preceding century. The funds in aid, which nominations, were directed to a laudable had existed till that time under various depurpose; but, restrained in their means, and shackled in their operations, they have remained, by the delay and difficulty of converting them into money, which resulted from the want of a proper paper currency, far behind that degree of perfection which was contemplated by the profound wisdom of the Empress Catherine. The neficial influence which has spread through establishment of banks has produced a bethe whole empire.

"The exchange of money has become more prompt, the desire of employment has met with additional encouragements, industry has received a more lively impulse, commerce is reanimated, the sources of national wealth have been widely opened, and have made the most rapid progress. The credit of the banks, after gradual improvements, has terminated by acquiring large foreign capitals. The funds of the Loan Bank, and the Deposit Banks, are enriched by remittances made by the capitalists of other countries. This new wealth is successively diffused throughout the empire, where it developes fresh productive powers, among us. creates, feeds, and multiplies vast capitals

"The invariability of principles, and the moral conviction that they will be rigorbasis of public credit. This conviction, ously observed, form the most essential which is the result of many years' experience, of the punctuality with which the banks have, from the moment of their estowards the public, sustained their credit tablishment, fulfilled their engagements even at the critical epoch of 1812. If the

Loan Bank, yielding to imperious circum- | thought proper to cause the regulations restances, suspended its advances to indivi-lative to our establishments to be digested. duals, the capitals deposited in it, which according to these principles; and what were called for, were not for a moment epoch could present to us more chances of success than the reign of the Emperor withheld from the proprietors, and the inconsiderable amount of the sums which Alexander? were then withdrawn proves that actual necessity, and not a diminution of confidence, was the cause of the demand.

"The government has manifested no less solicitude in sustaining its credit with respect to state loans. We discharged during the reign of the Emperor, the loan made at Genoa, at a period when policy might perhaps have justified some delay in the punctuality of our payments, The interest of the debt due to Holland has been regularly paid. A beginning towards the discharge of the capital was even made in 1810. Obliged, in 1812, to suspend our payments, we not only resumed them when peace was concluded, but have improved the interest as a compensation for delays, which circumstances had rendered equally involuntary and indispensable.

"The loan of the old Redemption Commission was discharged before it fell due, and in a manner adapted to the accommodation of those who had invested funds therein. Thus have we maintained our credit after a national war not less difficult than glorious.

"At present, Gentlemen, I shall direct your attention to the measures adopted last year for extending and consolidating the system of credit-measures which form an epoch in the administration of our finances. "In state affairs the best lessons are those which are given by time.

"In unveiling to the observing eye of the government the weak and antiquated parts of its institutions, the means of repairing and perfecting them are discerned New discoveries change the nature of ob jects even in administration. That which once appeared improper and impossible, becomes possible, or even indispensable, after new deliberations, induced and confirmed by experience.

"This truth may, in particular, be applied in a most sensible manner to the system of credit. The opinions of the most distinguished statesmen have long been unable to agree as to the basis of this system. But the measures undertaken by two of the most enlightened nations of Europe, and the brilliant success with which they have been crowned, have rendered the true course apparent, and fixed the principles on which this system ought to be founded. | Convinced of the immense advantages which credit is capable of procuring to the nation, the Emperor has

66

"Yes, Gentlemen, every thing in these latter times proves how indispensable credit is for governments. If in peace they ought to observe the strictest economy in the employment of their revenues, in order not to burden the people with taxes, what resources can be preferable to those afforded by credit in meeting extraordinary expenses in the case of war? Loans on perpetual annuities, with a progressive and constantly increasing sinking fund, are a real benefit, by relieving those who have to contribute, and by facilitating the progress of industry, which has always need of capital. It is not necessary to demand more that the 12th, or, at most, the 10th of what must otherwise have been exacted from the industrious man, and even from him who has the least resources. The rest is voluntarily furnished by capitalists, who would doubtless have been afraid to assist individuals, whose property, burthened with taxes beyond their means, could not have afforded the same security.

"In the midst of the tranquillity which we enjoy, thanks to the advantages of a peace solidly established, particular but not less indispensable considerations induced the government, during the last year, to open a loan for the purpose of accelerating the redemption of the superabundant mass of paper money.

I shall not here enter into all the details of the inconveniences which result from that superabundance. They are too In virevident and too incontestable. tue of the manifesto of the 1st of September, an annual capital of 30,000,000 was assigned, not only for the redemption of the loan, but for the service of all contracted for the same object, which is to give to the representative sign of our money its real value.

"Foreign capitalists participated considerably in that loan, which proves, on the one hand, their confidence in us, and, on the other hand, procures us a valuable advantage, namely, that of leaving our own capitalists at liberty to employ their funds in the most useful manner, and not forcing them into a different direction. As soon as our industry can dispense with foreign aid, the competition of our capitalists will Meanwhile, we become more evident. ought not to deprive ourselves of the advautage of redeeming our assignments by

Joans, nor to take from Russian capitalists the resources necessary for them.

"This bank was opened on the first of January, in this year.

"The Bank of Assignments will show

"Such, gentlemen, are the motives which have guided the Government in the estab-you, gentlemen, in the account which it will lishment of the new Commission of Re- give you, the employment of the capitals demption. Its intention, at first, was to intrusted for the purposes of discount dur fund the debts of the State, and to regulate of the offices employed in the exchange of ing the last year, as well as the operations their payment, in order still farther to consoold bills for new. Jidate the well merited confidence already acquired; and, at the same time, to establish the system of loans, which is acknow. ledged to be the best for accelerating the redemption of the assignments, and for securing extraordinary aids in cases of

"The Loan Bank not being yet organized according to the determination of the afford to agricultural and manufacturing manifesto of May 7, has not been able to industry the assistance which was request ed. The Finance department is occupied with this subject, which will be submitted in due course to your examination.

"In running thro' the accounts which will be laid before you by the establishments for credit, which the law submits to your superintendence, I hope, gentlemen, you will have reason to be convinced that the administration has not wandered from

the path which was traced out for it.

"If, at the end of the investigation, you vations, we will receive them with gratitude. shall wish to enlighten us with your obserplishment of the beneficent views of a moAnimated by the same zeal for the accom. narch incessantly occupied with the happiness of his subjects, we must be equally assured that confidence is not commanded by the authority and power of Government; but that it is maintained by its exact observance of established rules; and that the moral conviction that it will never

credit."

The different accounts to which the Mi

Council,

"The sum is sufficient for the first year depart therefrom, is the soul and life of of our operations, whose object is gradually to reduce the mass of assignments to the proportion necessary for our circulation. The government thinks it its duty nister referred were then laid before the to proceed on this occasion with circumspection, and even with a degree of tardiness: avoiding, by this prudent course, the embarrassments and shocks which would result to the State, as well as to private fortune, from too quick a diminution, it will not the less reach the end which it proposes to itself.

"Banks for discount, which, up to this year, were dependent on the Bank for assignments, discounted Bills of exchange, and made advances on deposits of goods. The capitals which were intrusted to them for these purposes were far from being proportioned to the extent of the operations of commerce; and their organization compelled several changes and ameliorations. It was, therefore, thought expedient to put in their place a Bank of Commerce, to which are given a more considerable capital, and some new powers, conformable to the end of this institution.

The benefit derived from the plan pursued in this Institution, has been lately felt While most of the in a striking manner. governments of Europe have been under the necessity of borrowing considerable sums from money lenders, who conduct that business as their profession, the Court of Russia, it is affirmed, has declined such assistance, and has announced its dependance on its own resources for accomplishing its financial purposes with sufficient celerity. It will be recollected, that Russia has preferred no claims for compensation, in behalf of its people against France; but has lately added an increase of ten per cent. on the principal articles of exportation. That, as we observed, on reporting it, was so much of her burden laid on foreigners; and will, no doubt, effectually assist in reviving the value of government paper, and the credit of the state.

EXACT LIST OF ALL THE SUMS CLAIMED OF FRANCE, AND HOW THEY HAVE BEEN

It will be observed, that some of these | portions than the more feeble; and those claims have been allowed entirely; and who might be supposed to have exerted either have been paid, or are directed a certain preponderance on account of to be paid, in full. Such are those of their rank and consequence, have met Anhalt Dessau 379,718: such are those with no other attention or compliance of the Bank of Hamburgh, 10,000,000; thanfthey were fairly entitled to, on the which, no doubt, was a sum of money principles of strict equity, and indetaken away from the strong chest of that pendent impartiality. establishment, and therefore, could not admit of diminution in its value; it must be replaced to the same amount; in the mean while the Bank has suffered the loss of interest; it barely regains its principal. In like manner some of the Smaller German states obtain nearly the whole of their demands: as Anhalt Bernberg gets 350,000 out of 446,194; and Electoral Hesse out of 643,047, gets 592,217. These sums are so little short of the demand, that they may be said to be paid in full. These, we repeat, are the smaller states; they have not, therefore, obtained this favour by their power or their influence.

Among the largest demands is that of Spain, 215,014,775; but Spain obtains only 20,497,125, not one tenth part of her demand; it is fairly to be presumed, therefore, that no small proportion of her account was irrelevant. The Netherlands make the largest claim, 219,404,504, and are allowed the largest sum of compensation, 61,672,959. It is every way natural to suppose, that the Netherlands, being adjacent to France, France should have contracted heavy debts in that country: it is a country of supply; and could supply such articles as France most wanted.

The final arrangement, it will be noticed, runs pretty much on round numbers; which intimates, that the governments, respectively, will bave some trouble to satisfy the several claimants, which have preferred their accounts.

It was certainly the duty of Governments to do the best in their power for their subjects; and to afford them, in respect to a foreign Prince, not merely protection, but patronage. They will now congratulate themselves on the issue of their endeavours, which, if they have not effected every thing solicited, have accomplished as much, (or more) as could have been expected: nor will they fail to observe that the most powerful sovereigns have obtained no greater pro

Holzschnitte alter Deutscher Meister in den Original Platten, gessamelt von Hans Albrecht von Derschau; in French, Gravures en Bois des anciens Maitres Allemands, tirées des planches originales, receuillies par Jean Albert de Dersckau, &c. Engravings in Wood, by ancient German Masters, printed from the original plates, collected by John Albert de Derschau; published with a discourse on the nature and history of Wood Engraving, by Rodolphe Zachariah Becker. Three parts, Imperial folio. Saxe Gotha. Bohté. London.

An article in our Number for last Month, gave a short account of this work. As it appears to us to fill up a chasm in the history of the art of Engraving, and in that of Printing, also, we have thought a further report on its contents might prove acceptable to amateurs of Art, and to the public in general. The most valuable discoveries, the most beneficial in their consequences to human life, have seldom been the effect of a single operation of mind; they have usually been introduced by some previous process, or prepared for, by some existing state of things; they have advanced gradually, and often slowly, to that point of improvement at which their services became appropriate, interesting, and general. We justly annex to the name of the immortal Harvey, the honour of discovering the circulation of the blood; and yet, i , it must be acknowledged, that his precursors had approached very near to his theory. The steam-engine, now so indispensable as a powerful agent, is due to the ingenuity of Captain Savery; yet we cannot deny that it was hinted at years before him by the Marquis of Worcester and we may add, that, many voyages of discovery, had been pro