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beft proof of his gratitude, 'The .posed in his praise deserve not to be • Amours of Perfilis and Sigismunda. recorded. No ftone, infeription, or The coinposition of this is excellent, memorial of any sort, remained to and well worthy the attention of both point out the place of his interment: patrons and learned men, as an induce, and it seems as if an unpropitious fate ment to liberality in the former, and had persecuted him while living, ac, gratitude in the latter. Yesterday,' companied him to the grave, and even says Cervantes, • I received extreme prevented his friends and protectors • un&ion, and to-day I write this. My from honouring his memory. <time is fort, my pains increase, my “ The same fate has attended the hope diminishes; yet I live even portraits which were painted of him longer than I deire, unless it be to by Don Juan de Jauregui and Fran• kiss your Excellency's feet. Had I circo Pacheco, both of Seville, and • the happiness of seeing you once reckoned excellent artists. The heading . more in Spain, it might perhaps re however, which accompanies this edi• store me to health. But if it be de- tion, was moft probably a copy from • creed I am to die, may the will of one or other of them. From all the • Heaven be completed! Your Ex accounts that are left us, his person,

cellency, however, thall know how though not large, was well proporanxious I am to serve you, not only tioned. He was, however, heavy in • in this life, but in the next. And, his shoulders, and now of foot. His • as I prophefy your return, I congra- hair was a bright chesnut, he was eagle«tulate on it.'' Í rejoice to see you so faced, his forehead smooth and open, • universally admired; and I am happy his eyes lively, his nose hooked, and • that my hopes are realized by the his mouth small with uneven teeth. • fame of your goodness. The ex He wore his mustachoes very large, pressions in this letter are so much the and his beard very thick. He had allo more honourable to the Count de a hesitation in his speech. The good Lemos, as he who wrote them was in qualities of his mind were engraven in such a miserable situation. Our au his countenance, the lively serenity of thor's gratitude was fincere and pure, which announced an affable dispofition and the dying words of Cervantes and an elevated genius.” Vol.i. p. lxii. deserve as much attention as those of Seneca.

66 He retained his calmness and fesenity to the last moment of his life. XIX. A Letter 10 the Right Honourable He made his wife Dorna Catalina de William l'itt, on the Influence of Salazar, and the Licentiate Francisco the Stoppage of Illues in Specie Nunez, who resided in the same house, at the Bank of England; on the his executors: and left directions for

Prices of Provisions, and other them to bury him in the convent of

Commodities. By WALTER BOYD, the Trinity. His life now drew near

Esq. M. P. Svo. pp. 112. 35. hd, its close, and the 23d day of April

Wright. 2616, was the last of his existence, when he finished a course of fixty-eight years, fix months, and fourteen days.

EXTRACTS. It is a singular coincidence of circum

ADVERTISEMENT. Itarces, that the same day should deprive the world of two men of such 'SINCE the following letter was transcendent abilities as Ctrvantes and written, feveral circumstances have Shakespeare: the latter of whom died occurred to corroborate the facts and in England on the very day that put reasonings which it contains. an end to the bie of the former in “ By the return to an order of the Spain. Ard, were this a proper place Houfe of Commons, it appears that for the purpose, a parallel might be the amount of Bank notes in circuladrawn between them, and extended tion, on the 6th December 1800, was to a considerable length with great 15,450,9701. which exceeds the sum in propriety.

circulation on the 26th February 1797 « The funeral of Cervantes was as (viz. 8,640,250l.), by nearly four fifths poor and obscure as his person had of that circulation. Compared with the been. The epitaphs that were com average circulation of three years, end

66 Sir,

ing December 1795 (viz. 11,975,573.), of the country, properly called forth, the circulation on the 6th December infallibly lead to the means of retrieve 1800, exceeds that average circulation ing that error. by nearly three tenths of its amount. In considering the influence of

“ But, from the mere return of the operations of the Bank of England Bank notes (without that of the ba on the powers of the circulating inelances on the books, for which the dium of the country, I have taken no Bank is likewife liable, and of the notice of the capital of that cîtablishfpecie in its coffers), no accurate esti- ment, because it forms part of the inate can be formed of the positive public debt, which is altogether distinct difference between the prefent and the from that medium.” P. ii. former circulation. There may be objections to the communication of any specific account of the specie on

To the Right Honourable William Pict. hand; but there can be none to such a return as, without fpecifying any sums, “ ON many occafions, both before may ascertain the proportion which and since the stoppage of issues in the specie existing in the Bank on the specie at the Bank of England, I have, 6th December 1800, bears to that as you know, given it as my opinion, which existed on the 26th February in conversation as well as in writing, 1797.

that the embarrassed circulation of the The exchange with Hamburgh, metropolis, and the consequent distress which, when the following letter was all over the country, which began in written, was 31.10, : now 29.10; by 1796, and became so alarming in Fe. which means the difference which then bruary 1797, procecded solely from exifted, of nearly 9 per cent. against the particular line of conduct which our currency, is now increased to up- the Bank of England had thought prowards of 14 per cent. If, therefore, a per to pursue, from the month of Deperfon residing on the continent remit cember 1795 to the end of February funds to this country, to be invested 1797. To that conduct I have uni. in the three per cents, at the price of formly attributed the diminution of 62, it is evident that by purchasing the means of circulation * which took the money so remitted, at 14 per cent. place within that period; a diminudiscount, the real price of his three tion so disastrous in its confequences as per cents will be 53 eight twenty-fifths, to depreciate, in an alarming degree, or nearly 53 one third.

the funded property of the country; “ The price of gold has fortunately to cramp the operations of commerce; not advanced, in the fanie proportion, to check the efforts of industry; and, within the same period; the price, finally, to bring on that last itage' of which on the irth of November was discredit, which reduced the Bank it. 4. 55. per ounce, being now 4l. 6s. self to the unheard-of predicament of which is a further advance of a little not being able to answer the demands Dore than 1 one fixth per cent. thus of the public for specie in exchange for making the whole premium upon gold its notes. 1ol. 85. 8d. for every rool, or some “ This opinion was not the result thing more than 10 five twelfths per of any partiality of mine for a favourite

doctrine. It was confirmed by the ge" These circumstances, however af- neral conviction which arose from the ficting, ought not to be considered labours of the Committecs of both as matter of despondency, seeing the Houses of Parliament. mere conviction of their having all “ The same principles which enabled arisen from one great error, if strongly me to trace to their fource the calamifelt, will, with the energy and resources ties produced by a starved circulation,

" By the words ' means of circulation,' 'circulating medium,' and cur. "rency, which are used almost as synonymous terms in this letter, I understand always ready money, whether consisting of Bank notes or specic, in contradise tination to bills of exchange, navy bills, exchequer bills, or any other negotiable paper, which form no part of the circulating medium, as I have always understood that term. The latter is the circulator; the former are merely objects of circulation.” Q


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not only after those calamities had be- feel the conviction of its existence, it come notorious, but during their pro- would be a mere waite of time to de gress, and long before the measure of scend to particulars, in order to prove them was full, lead me now to fuipect that fact. Every man feels, in his that the increase in the prices of almost abridged comforts, or in his increased all articles of neceflity, convenience, expenses, the existence of this melanand luxury, and indeed of almost every choly truth; but every man does not species of exchangeable value, which know that what, in vulgar language, has been gradually taking place during bears the name of increase of price, Che last two years, and which has re- might, with perhaps more propriety, cently arrived at fo great a height, be called depreciation of paper.' Of proceeds chicfly from the addition to this there is, in the present price of the circulating medium, which I con- gold bullion, a very strong proof, and ceive to have been made by the issue of one which, from its nature, come Bank notes, uncontrolled by the obli- more home to the ordinary feelings gation of paying them in fpecie on and understandings of men than any demand.

other proof whatever. • Portugal gold " Before the memorable 26th of 'in coin' has, for these last fix months, February 1797, it had been the pride been selling in the London market at and boast of this country, for more 4. 55. per ounce. It is of the same than a century, that the Bank of Eng quality with our standard gold, ck Band, which had contributed so essen. which the Mint price is 31. 175. 10.4. tially to the extension of our trade, per ounce; and a pound of the one, and to the corfolidation of the public like a pound of the other, when coined credit, had never, in any instance, de at the Mint, will produce forty-four parted from the most scrupulous ob- guineas and a half, and no more. levance of the obligation (which in. Therefore, if a pound of Portugal gold deed formed the fundamental condi- be purchased at 46. 55. per ounce, it tion of its inftitution) of paying every will cost

2.51 00 demand upon it in fpecie the moment And only produce, in coin, fuch demand was made. While this forty-four guineas and a condition, at once the pledge of its half, of which the curfood faith towards a confiding public, rent value is

46 146 and the proof of its private profperity 23 a company, remained inviolate, there And consequently will ocwas little danger of an exceffive circula calion a d is of . £.4 5 6 lation of Bank notes; but, from the moment this condition was atroci.fed u This is a discount which the com. with, the danger of excellive inues be mon currency of the country fuffers, came apparent. indeed it is not to be when exchanged for bullion (in all re: Supeolid that a corporation, whose specis equal to our standard gold) of prurits chiefly arise from the circula. no less than 81. 75. 7.d. for every 100's tion of its notes, and which is exclu or a little more than 83 per cent. Evely directed by perfons participating “ If the idea of a discount upon our ir: those profits, has been, or could currency be unpleafant, we may say pofiibly be, proof again't the tempta. that gobel bears a premium in the martion which the license they have en ket; but, in that case, this premium joyed since February 1797 has afforded. must be called 91. 3s. for every 100l. O That they liave not refilted this tenpta fumetining more than ot per cent.; ben tion, seems but too proballa, from caute, if 467. 145. bd. in gold cost $1. the general advance in prices which in Bank notes, roch in gold will celi has gradually taken place since that Icyl. zs. in Bank notes. period." P. I.

“ I believe there is no example of “ But it may be said, that the great guincas having been exchanged ctherand yeneral rise of prices, which I have wile than at par. The few that are Deen mentioning as a proof of the exift- employed for the common purposes of crice of a great increase of Bank notes, occasional domcilic circulation, pati' remains itielf to be proved. To this I for no more than their correlponding reply, that when a fa& is proved by current value in paper; and there few the concurring teftimony of a whole have, I believe, hitherto been alwa$3

. community, and when every man mu!t readily found, whep wanted; but it


must be evident, notwithstanding, that any of its force by the extraordinary the intrinfic value of the coin of the publicity given to it. country, when of the proper weight, * Another fays, There is no scarcity's or (which comes to the fame) of the but a set of forestallers and regrators materials of which that coin is com have monopolized the grain of the poled, is, according to this calcula- country, and sell it out at fuch prices tion, 9. per cent. more than that of as they think proper to fix, from time the general currency of the country, to time. He invokes the severity of

" While such a difference exists be- the laws against those offenders, with tween gold, in its current standard all the illiberal virulence of the dark value, as coin, and its intrinsic value age which called such imaginary ofas a commodity; or, in other words, fenders into existence. He deplores while the real value of gold so far ex the repeal of the good old code which ceeds that of our currency, however delivered over fuch offenders to the composed, much of the coin will ne wholefome chaítilement of penal ftacessarily be melted, for the purpose of tutes, and seeks, in the common law profiting by that difference; the com of the land, for the means of restoring mon currency being, in all respects, the spirit of those itatutes which to equally effcaual for discharging devts long disgraced the jurisprudence of as our gold coin, with all the in England. The age we live in is fortrinfic superiority it posefses over that tunately too enlightened for such exсеrrеnсу.

ploded notions to gain much ground; “ The same circumstances which but as they have the paslions and preraise the value of gold in the home judices of the lower orders of the market, necessarily tend to depreciate community strongly on their fide, they our curreocy when compared with the must, particularly when fanctioned by currency of other countries; and ac- station and fortune, tend greatly to cordingly, we find, that the exchange increase the evil of scarcity and of with Hamburgh, which may be con- dearth, as well as to excite a spirit of fidered as the proper criterion (while fedition of the most dangerous tendour intercourse with France, Holland, ency in the people. While I thas Spain, and several other parts of Eu avow myself the irreconcilable enemy rope is suspended), of which, accord- of all such public economy as profeffes ing to the evidence I delivered before to produce plenty, by means which lead a Committee of the Lords in 1797, directly to want, I am not the less the par is 34:8}s. is now at 31:105. perfuaded that excessive circulation of which establishes a difference of nearly paper must give rise to much specula9 per cent. against this country.' tion in grain as well as in every other

article: but to attempt to check specta " A great rise has taken place in lation by punishing speculators, is, of the price of every species of exchange- all the crude and impracticable fancies able value, during the short period of that ever were formed, the most hopes two years. The public mind is on the less and unprofitable. To draw the rack to discover the cause of this rife, line between fair and honourable merof which the most alarming effects are cantile pursuits, and that illiberal and manifested in the great article of bread. exiorlive conduct which is too often One says, that there is a real scarcity practised under their name, requires a of grain, owing to an uncominonly hand of such infinite delicacy, a touch bad season last year, and a scanty crop of such exquisite nicety, as cannot this year. How this knowledge was fairly be expected in the ordinary pracacquired, I am utterly ignorant; but tice of any court of law. In the same as it comes from a noble Duke, high profcription which might be honeftly in the administration of the internal intended for the ungenerous and unaffairs of this country, it is to be pre- worthy advantages which individuals suned that it was not promulgated on may, and do take, of the gereral diffliglit or doubtful grounds. This, how- treis, in all probability would be in. ever, I must be permitted to say, that Holved the fair, honourable, praiseif there did exist fufficient reason to worthy pursuits of those who, while believe the scarcity to be real, the in- they are promoting their own interet, Buence of that cause cannot bave lost actually adininifter to all the effential


P. 24.

comforts of the community. To punish be impolitic, unjuft, and unavailing; Speculators then, I consider altogether but to restore the currency of the a vain and fruitless attempt. It must country to its pristine purity, to contend to check the efforts of enterprise fine it within those limits which good and industry, which is certainly not faith and good sense equally point out the intention even of those who join for it, is not only proper and pracii. most loudly in the cry against fore- cable, but indispersably necessary, in ftallers and regraters: their object is order to prevent the numberlefs calata punih improper {peculation ; but brities which the uncontrolled circulathey do not coniider, that any law tion of paper not convertible into which human wildom can devise to re specie mult infallibly produce. To press the one, may, nay muít, be in a bring back the circulation of Bank great degree destructive ci the other. notes to the original condition of their But although Iain of opinion that law circulation, is merely to correct an neither can, nor ought to attempt to abuse which never ought to have exrøgulate fpeculation!, I krow and be- isted. This would not be a novelty: lieve that it is porfectly within the pro The present fyftem is a novelty, and vince of the leg llature to withhold all one of the most dangerous tendency *" inproper fupport to tpeculation of any P. 52. kind; and therefore that it is the duty of Parliament no longer to authorize even the possibility of an extension of XX.' Brief Observations on a late Let. the means of circulation beyond thofe

ter adaressed to the Right Hon. limits which the experience of a cen

W. Pitt, by W. Boyd, Esq. &c. tury (in perfect unison with the purest theory, as well as with every principle

on the Stoppage of Illues in Specie, of good faith and common fense) had

by the Bank of England, &c. &c. sanctioned with its approbation. The 8vo. pp. 35. is. Debrett. paper circulation of the country never was, nor could be, dangerous from the

EXTRACTS. speculations it gave rile to, so long as the great primary wheel which set it in

MR. Boyd lays it down as a prinmotion turned upon an axis of gold ciple, that the high price of and filver, because the cbligation to grain, and the advance in other necefmaintain that axis in a proper state of fary articles of life, is to be attributed ftrength, formed a salutary and effec- to the increase of the paper-currency, tual check upon any excess in the cir- from the additional quantity of notes culation it had to fupport. 'To inter- thrown into circulation since the year fere in the exercise of the rights which 1797. To the fame cause he refers the the Bank of England, or the London loss in exchange with the continent, bankers, or the country banks, or the and the advanced price of gold. fariners, or the corn-dealers, or any “ He states, that, in the year 1995, other class of traders juftly potless over the paper-circulation of the Bank was their own crcdit and industry, would 14,97595731.; and that the Bank re

* "If I believed (as some people do) that the resumption of payments in fpecie at the Bank of England would embarrass Administration, i should not contend for that resumption. To recommend any mechire which might have the effect of weakening the efforts of this country in the struggle it has to maintain, as long as such fruggle is judged neceffary (whatever opinion ! may individually entertain of the means of futaining, or of the duration of, that firug. gle), would be altogether inconsistent with the ideas of public spirit which I have ever held. It is because I feel the most complete conviction that the real resources of this country are now, and always have been, too folid and extenfive to require the aid of forced paper-money, that dangerous cuack-medicine, which, far from restoring vigour, gives only temporary artificial health, while it secretly undermines the vital powers of the country that has recourse to it.-It is because I am intimately convinced that the refumption of payments in fpecie at the Bank, by the manner of carrying it into effect, may be rendered perfectly confiftent with the truest intereils of Gorernment, of the Bank itself, and of the public at large, that I thus press the neccflity of that resumption.”


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