must be evident, notwithfanding, that the intrinfic value of the coin of the country, when of the proper weight, or (which comes to the fame) of the materials of which that coin is compofed, is, according to this calculation, 9 per cent. more than that of the general currency of the country. "While fuch a difference exifts between gold, in its current ftandard value, as coin, and its intrinfic value as a commodity; or, in other words, while the real value of gold fo far exceeds that of our currency, however compofed, much of the coin will neceffarily be melted, for the purpose of profiting by that difference; the common currency being, in all refpects, equally effectual for discharging debts as our gold coin, with all the intrinfic fuperiority it poffeffes over that currency. "The fame circumstances which raife the value of gold in the home market, necessarily tend to depreciate our currency when compared with the currency of other countries; and accordingly we find, that the exchange with Hamburgh, which may be confidered as the proper criterion (while our intercourfe with France, Holland, Spain, and feveral other parts of Europe is fufpended), of which, according to the evidence I delivered before a Committee of the Lords in 1797, the par is 34:8s. is now at 31:10s. which eftablishes a difference of nearly 9 per cent. against this country.' P. 24. "A great rife has taken place in the price of every species of exchangeable value, during the fhort period of two years. The public mind is on the rack to discover the caufe of this rife, of which the moft alarming effects are manifefted in the great article of bread. One fays, that there is a real fcarcity f grain, owing to an uncommonly bad feafon last year, and a fcanty crop this year. How this knowledge was acquired, I am utterly ignorant; but as it comes from a noble Duke, high in the adminiftration of the internal affairs of this country, it is to be prefumed that it was not promulgated on flight or doubtful grounds. This, however, I must be permitted to say, that if there did exist sufficient reafon to believe the fcarcity to be real, the inAuence of that caufe cannot have loft any of its force by the extraordinary publicity given to it. "Another fays, There is no fcarcitys but a fet of forestallers and regrators have monopolized the grain of the country, and fell it out at fuch prices as they think proper to fix, from time to time. He invokes the severity of the laws against thofe offenders, with all the illiberal virulence of the dark age which called fuch imaginary offenders into exiftence. He deplores the repeal of the good old code which delivered over fuch offenders to the wholesome chaîtisement of penal ftatutes, and feeks, in the common law of the land, for the means of restoring the fpirit of thofe ftatutes which fo long difgraced the jurifprudence of England. The age we live in is fortunately too enlightened for fuch exploded notions to gain much ground; but as they have the paffions and prejudices of the lower orders of the community ftrongly on their fide, they muft, particularly when fanctioned by ftation and fortune, tend greatly to increase the evil of fcarcity and of dearth, as well as to excite a spirit of fedition of the most dangerous tendency in the people. While I thus avow myself the irreconcilable enemy of all fuch public economy as profeffes to produce plenty, by means which lead directly to want, I am not the lefs perfuaded that exceffive circulation of paper muft give rife to much speculation in grain as well as in every other article: but to attempt to check fpecu lation by punishing Speculators, is, of all the crude and impracticable fancies that ever were formed, the most hopelefs and unprofitable. To draw the line between fair and honourable mercantile purfuits, and that illiberal and extorfive conduct which is too often practifed under their name, requires a hand of fuch infinite delicacy, à touch of fuch exquifite nicety, as cannot fairly be expected in the ordinary practice of any court of law. In the fame profcription which might be honeftly intended for the ungenerous and unworthy advantages which individuals may, and do take, of the general diftreis, in all probability would be involved the fair, honourable, praiseworthy pursuits of those who, while they are promoting their own intereft, actually adminifter to all the effential comforts comforts of the community. To punish fpeculators then, I confider altogether a vain and fruitlefs attempt. It must tend to check the efforts of enterprise and induftry, which is certainly not the intention even of those who join moft loudly in the cry againft foreftallers and regraters: their object is to punish improper fpeculation; but they do not consider, that any law which human wifdem can devife to reprefs the one, may, nay muft, be in a great degree deftructive of the other. But although I am of opinion that law neither can, nor ought to attempt to regulate fpeculation, I know and believe that it is perfectly within the province of the legiflature to withhold all improper fupport to fpeculation of any kind; and therefore that it is the duty of Parliament no longer to authorize even the poffibility of an extenfion of the means of circulation beyond thofe limits which the experience of a century (in perfect unifon with the purest theory, as well as with every principle of good faith and common fenfe) had fanctioned with its approbation. The paper circulation of the country never was, nor could be, dangerous from the fpeculations it gave rife to, fo long as the great primary wheel which fet it in motion turned upon an axis of gold and filver, because the obligation to maintain that axis in a proper ftate of ftrength, formed a falutary and effectual check upon, any excefs in the circulation it had to fupport. To interfere in the cxercite of the rights which the Bank of England, or the London bankers, or the country banks, or the farmers, or the corn-dealers, or any other clafs of traders juftly poffefs over their own credit and induftry, would be impolitic, unjuft, and unavailing but to restore the currency of the country to its priftine purity, to confine it within thofe limits which good faith and good fenfe equally point out for it, is not only proper, and practicable, but indifpenfably neceffary, in order to prevent the numberlefs cala ities which the uncontrolled circulation of paper not converable into fpecie muft infallibly produce. To bring back the circulation of Bank notes to the original condition of their circulation, is merely to correct an abufe which never ought to have exifted. This would not be a novelty. The present system is a novelty, and one of the most dangerous tendency *.” P. 52. XX. Brief Obfervations on a late Let ter adoreffed to the Right Hon. W. Pitt, by W. Boyd, Efq. &c. on the Stoppage of Iffues in Specie by the Bank of England, &c. &c. Svo. pp. 35. 1s. Debrett. EXTRACTS. MR. Boyd lays it down as a prin ciple, that the high price of grain, and the advance in other neceffary articles of life, is to be attributed to the increase of the paper-currency, from the additional quantity of notes thrown into circulation fince the year 1797. To the fame caufe he refers the lofs in exchange with the continent, and the advanced price of gold. "He ftates, that, in the year 1795, the paper-circulation of the Bank was 14,9755573; and that the Bank re "If I believed (as fome people do) that the refumption of payments in fpecie at the Bank of England would embarrass Administration, I should not contend for that refumption. To recommend any menfare which might have the effect of weakening the efforts of this country in the struggle it has to maintain, as long as fuch fruggle is judged neceffary (whatever opinion I may individually entertain of the means of fuftaining, or of the duration of, that frug gie), would be altogether inconfiftent with the ideas of public fpirit which I have ever held. It is because I feel the moft complete conviction that the real refources of this country are now, and always have been, too folid and extenfive to require the aid of forced paper-money, that dangerous quack-medicine, which, far from reftoring vigour, gives only temporary artificial health, while it fecretly 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 specie at the Bank, by the manner of carrying it into effect, may be rendered perfectly confiftent with the trueft interefts of Government, of the Bank itfelf, and of the public at large, that I thus prefs the neceflity of that refumption." ducod duced it, in the year 1797, to 8,640,250l. This diminished circulation being feverely felt by many mercantile houses in the city, a memorial was presented to the minifter, in which Mr. Boyd took an active part, remonftrating against the conduct of the Bank, and fuggefting a plan for the fupport of public credit, independent of it. The propofition, however, was not adopt ed; but the Bank, either taking alarm, or finding that the reafons for continuing the diminution no longer subfifted, gradually extended its credit, fo that in the year 1800 it amounted, as appears from the account delivered to Parliament, to 15,450,970l. the difference in the course of five years being 3,475,397.; and this fum, according to Mr. Boyd, is the monfter which has devoured our harvefts: it is to this increased circulation he attributes the exorbitant rife of provifions, as well as every other concomitant mischief. Few people, indeed, have formed an adequate idea of the extent of the evil: for it may be proved, by a very fimple calculation, that the increased price of bread alone, amounts, in the confumption of fiftytwo weeks, to upwards of twenty millions above the ordinary expenditure of common years. "If we fuppofe each individual, according to the proclamation, to confume one quartern loaf in a week; that the advance in the price of such loaf is one fhilling above its general rate in years of plenty; and that the population of England amounts to eight millions; that number, at one thilling per week, or 2/. 125. per annum, will produce the enormous fum of twenty millions eight hundred thousand pounds. "When Mr. Boyd had made this ftrong affertion respecting the augmented circulation, he ought to have proved the truth of it. It became him to afcertain that the circulation is actually overcharged; that is to fay, that there have been any perfons in poffeffion of Bank notes, without being able to convert them into property, either of an active or paffive nature. This is the real teft of the truth of his opinion; and as no complaint of that nature has hitherto been made, it may be reason ably prefumed that no greater quantity of notes have been iffued than the circulation abfolutely demands. Nor çan Mr. Boyd, I believe, point out a fingle inftance in which any one has fuftained an injury by fuch iffues."P. II. "The real fcarcity of provifions, which is chimerically treated by Mr. Boyd, has alfo, by the very advanced prices arifing from that circumftance, tended to increafe the circulation. Now, when a fair statement is made of all these occurrences, and a deduction added of the proportion of specie received into the Bank, out of the increafed illue of 3,475,397. the balance will appear to be very fmall indeed; and the phantom conjured up by Mr. Boyd's financial imagination, diffolves in air. "But while Mr. Boyd dwells on fancied evils, or fuffers his imagination to exaggerate beyond all probability fome of those which really exist, he palles over the dearth of grain with a degree of calmness that might not be altogether expected from a perfon, who feems to be prepared to unfold the diftreffes of his country; for he cannot be ignorant that the value of the imports of various kinds, during the laft twelve months, has amounted to feven or eight millions fterling; and as grain in every part of the world is a ready-money article, it required the moft prompt mode of payment. Befides, as grain has been collected in every quarter where it could be obtained, and as the farmer must be paid in cash, an increased demand for specie or bullion was the natural confequence. The fubfidy to the Emperor, amounting to feveral millions, must be alfo thrown into the fcale, and neither of the circumftances have been noticed by Mr. Boyd; fo that the present high price of gold appears not as an irregu lar, but as a natural and obvious confequence. Nor fhall I be easily perfuaded that these are not more reafon able and fatisfactory caufes for the increased circulation of notes, than the ftoppage of payment in cash at the Bank." P. 18. "I shall not here attempt to analyze Mr. Boyd's motives to this publication; but whatever they may be, was it poffible for him, in the vaineft moment of his financial calculations, to imagine that he could change a fyftem which has stood the teft of three years, to the entire fatisfaction of the nation at large, and with the encouraging fupport of feventy great banking-houses, and all the leading commercial companies in the kingdom? I can alfo alk, with fome degree of confidence, if any complaint has been made to Parliament, to the minifter, or the public, of any injury fuftained by the adoption of a meafure, which is reprobated, condemned, and criminated, through an hundred and eleven pages of his pamphlet. If there is any fallacy in the fyftem, or if it poffeffes a chronical dan ger, is it to be fuppofed that fo many, and fuch large bodies of individuals, apprenticed, as it were, to the vigilance and attention neceffary for their own interefts, would not have difcovered and declared it? Are not the monied and mercantile men fatisfied both with the conduct of the Bank and the minifter refpecting the measure in queftion? During the courfe of its operation, has not the funded property rifen upwards of ten per cent.? Have not the taxes during the fame period, and which are the heavieft ever levied in this country, been fubmiffively borne, and, in general, loyally paid? Have not our imports and exports increafed beyond all example and expectation? And will any one, then, venture to tell me, or at leaft expect me to believe his affertion, that the increafe of circulation, and the fterling folidity given to paper-iffues from the Bank, have been attended with injurious confequences to public credit, and, if not corrected, muft prove fatal to the public profperity" P. 29. XXI. The Hiftory, civil and commercial, of the British Colonies in the Weft Indies. By BRYAN EDWARDS, Efq. F.R. S. S. A. Vol. III. 4to. pp. 443. - 11. 55. Stock. dale. LIST OF PLATES, Engraved by Holloway, Grignion, Scott, and Storer. PORTRAIT of the Author. Pacification with the Maroons, by Ge- Preface to the first Edition (1796)— Advertisement (1800). * * *See a detail of the Contents of the first twelve Chapters in M. Epitome, vol. i. p. 241. Chap. XIII. A Tour through the feveral Ilands of Barbadoes, St. Vincent, Antigua, Tobago, and Grenada, in the Years 1791 and 1792, by Sir William Young, Bart. M. P. F.R. S. &c. &c.--Obfervations on the Difpofition, Character, Manners, and Habits of Life, of the Maroon Negroes of the Ifland of Jamaica; and a Detail of the Origin, Progrefs, and Termination of the late War between thofe People and the white Inhabitants (firft published in 1795). HISTORY OF THE WAR IN THE WEST INDIES. Chap. I. Preliminary Obfervations --Commencement of the War-Capture of Tobago--Fruitiefs Attempt against Martinico-Determination of the British Miniftry thereon, and confequent Preparations for a large Armament to be fent to the Weft Indies-Sir Charles Grey ap pointed to the Command of the Land Forces, and Sir John Jervis to the Command of the Fleet-New Ar rangement ---II. Sir Charles Grey arrives at Barbadoes, and fails for the Attack of Martinico--Proceedings of the Army and Navy, until the Surrender of that Ifland.-III. Conqueft of St. Lucia-Defcription of Guadaloupe-Proceedings against that Ifland-Its Surrender completes the Conquest of the French Weft India Colonies-Canfe of the fuble, quent Reverfes--Mortality among the British-Arrival of a French Squadron with Troops at Guada. loupe loupe-Their Succeffes; followed by IV. Savage Indignities, of Victor EXTRACTS. LIFE OF THE AUTHOR. "I WAS born the 21ft of May 1743, in the decayed town of Weftbury, in the county of Wilts. My father inherited a small paternal estate in the neighbourhood, of about 100l. per annum, which proving but a fcanty maintenance for a large family, he undertook, without any knowledge of the bufinefs, as I have been informed, to deal in corn and malt, but with very little fuccefs. He died in 1756, leaving my excellent mother, and fix children, in diftreffed circumftances. Luckily for my mother, she had two opulent brothers in the Weft Indies, one of them a wife and worthy man, of a liberal mind, and princely fortune. This was Zackary Bayly, of the island of Jamaica, who, on the death of my father, took my mother and her family under his protection, and as I was the eldeft fon, directed that I should be well educated. I had been placed by my father at the school of a diffenting minifter in Briftol, whose name was William Foot, of whom I remember enough to believe that he was both a learned and good man; but by a strange abfurdity, he was forbidden to teach me Latin and Greek, and directed to confine my ftudies to writing, arithmetic, and the English grammar. I fhould, therefore, have had little to do, but that the schoolmaster had an excellent method of making the boys write letters to him on different fubjects, fuch as, the beauty and dignity of truth, the obligation of a religious life, the benefits of good education, the mifchiefs of idlenefs, &c. &c. previously ftating to them the chief arguments to be urged; and infifting on correctnefs in orthography and grammar. In this employment, I had fomeVOL. V.-No. XLIV. times the good fortune to excel the other boys; and when this happened, my mafter never failed to praise me very liberally before them all; and he to my father and mother. This exwould frequently tranfmit my letters cited in my mind a spirit of emulation, and, I believe, gave me the first tafte for correct and elegant compofition. I acquired, however, all this time but very little learning; and when my uncle (on my father's death) took me under his protection, his agent in Briftol confidered me as neglected by Mr. Foot, and immediately removed me to a French boarding-fchool in the fame city, where I foon obtained the French language, and having access to a cir culating library, I acquired a paffion for books, which has fince become the folace of my life. brother of my great and good uncle, "In 1759, a younger, and the only came to England, and fettling in London, took me to refide with him, in a high and elegant ftyle of life. He was a reprefentative in Parliament for Abingdon, and afterwards for his native town. Further, I cannot speak of him fo favourably as I could with; for I remember that at the period I allude to, his conduct towards me was fuch as not to infpire me with much refpect: he perceived it, and foon after, in the latter end of the fame year, fent me to Jamaica. This proved a happy and fortunate change in my life, for I found my eldest uncle the reverfe, in every poffible circumftance, of his brother. To the most enlarged and enlightened mind, he added the fweeteft temper, and the moft generous difpofition. His tenderness towards me was exceffive, and I regarded him with more than filial affection and veneration. Obferving my paffion for books, and thinking favourably of my capacity, he engaged a clergyman (my loved and ever to be lamented friend Ifaac Teale) to refide in his family, chiefly to fupply by his inftructions my deficiency in the learned languages. Mr. Teale had been mafter of a free grammar-fchool, and befides being a moft accomplished fcholar, poffeffed the reader will be convinced by refer an exquifite tafe for poetry, of which ring to the Gentleman's Magazine for Auguft 1771, the beautiful copy of verfes there firft publifhed, called "The Compliment of the Day,' being of R his |