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Vol. III. No. 11. Saturday, September 12, 1807. Price 10d.

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OF THE JUSTICE AND POLICY OF OUR EXPEDITION TO DENMARK,

It appears, that the subject of the Danish expedition has been egregiously misunderstood, as well as grossly misrepresented: for the law of nations never anticipated a moment when civilized society should be cast into the predicament in which it is now involved. The state of society must be an unhappy one, when no provision is contemplated against a tyranny which originated in, and is upholden by vice. But, though the law of nations be silent, upon a great question of morals, which has never before been agitated, yet still the writers upon that law have left the undefined circumstances of futurity to be determined by the general principles of equity and the common reason of mankind.

According to this law, society is found to be preserved by that obvious principle to which none excepts-the principle of self-preservation. It is upon this principle, that our expedition to Denmark is justified. Europe, by a strange and unaccountable negligence of its physical strength, has submitted to the will of a conqueror, who has raised himself to empire upon the ruin of every social virtue. Great Britain, while resisting this man's power, has never departed from the system of morals, which her government and her statesmen have promulgated as the rule of conduct for her people. We have seen kingdoms and communities beaten down by the ambitious enemy of Europe, under pretences, which, an hundred years ago, would have roused all Europe to arms: but such is the degenerated state of the world, that all the sacred principles of religion, law, and public order, are considered as merely secondary objects,-entirely subservient to, and governed by, the hope of a momentary tranquillity.

When we are asked upon what ground Denmark is attacked, we answer, upon the principle of self-preservation; upon that principle too long abstracted from British councils, but to which a dreadful necessity compels her government to resort. France is justified in all her operations, by the prostituted press of Europe; but not a single syllable is urged in defence of the policy of that power, which hath been fighting the battles of every continental power, at the vast sacrifice of her blood and treasure.

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According to the official journals of France, we are told that Buonaparte is not in- disposed to conclude a maritime peace. What is the meaning of a maritime peace? Nothing more than the power of France to exercise the same tyranny, rapacity, and oppression, by sea, which she exercises by land. But," say our modern casuists, why attack your peaceful neighbour. It is better to fall with virtue, than to exist with dishonour." I answer that we shall not fall, and that we have not done ill. In my last number, I stated, that the justice and policy of our cause had not been properly understood. The fact is, that we do not stand in need of any debate; for it is a question of necessity, which mankind will resolve in more tranquil times.

But the attack upon a neutral power, which would in itself have a serious cast, under other circumstances, becomes glorious, when, amidst the perishing wrecks of society, we unfurl the banner of independence, and exhibit ourselves as the remaining hope of civilization. If I find myself reduced to that state, when my bosom friend or myself must die-I shall send my friend to the bottom; but if I can save my friend by employing his powers for our common benefit, I presume neither my friend nor the bye-stander could object to it. It is a case of feeling that comes home to the heart, and all the books in the world will not alter it.

VOL. III. -NO. 11.

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The object of the enemy is to destroy Britain as a nation; it is, therefore, a struggle between one people for existence, and another people toiling to augment the power of one man, the vilest wretch of human society.-Therefore, we should be justified in making exertions, far different from any that have yet been exhibited to the world. Unhappily, the event is considered as the test of public justice; but if we were to seize every ship in the world which is not British, while the maritime struggle remains, we should act rightly, and the world would have cause to bless us. My opinion is, we should have taken the city of Copenhagen first, and explained afterwards.

Letters from the West-Indies, containing the melancholy intelligence of an insurrection of the negroes in the parish of St. Elizabeth, Jamaica, I am obliged to postpone until my next number, there is evil enough for this week.

The state papers of this day are so important, and contain so much matter, for consideration and animadversion, that without publishing a supplementary number, it would have been out of my power to comment upon them as they deserve.

MEMORIAL PRESENTED BY THE ENGLISH MERCHANTS IN RUSSIA TO MARQUIS DOUGLAS, CONCERNING THE RENEWING OF THE TREATY OF commerce.

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The most essential point to be established in concluding a treaty of commerce, in respect to the subjects of Britain who reside in Russia, is that of being permitted to be owners of all kinds of property, and to negociate in wholesale in many respects upon the same footing as native subjects or foreign merchants, of whatever class, and of whatever nation they may be, without being inscribed in any mercantile guild, subject to pay either a tax upon their capital, or any other duties prescribed in law. This privilege (without which all others would be of little worth) has been granted to them by the government of Russia, since the first commercial undertakings between the two nations; and it is certain it never was of so great importance to them as since the publication of the manifest, dated the 1st of January of the present year, by which several important articles are established as general, fundamental, and immutable laws, hitherto unknown, in the commerce of this empire, which have not, and do not tend to any other object but that of diminishing the advantages, at the same time that they increase the heavy charges of all classes of foreign merchants, not exempted, as we would wish to be, from their prejudicial consequences, by a particular treaty of commerce. According to the 8th, 3d section, all foreigners," whatever, are totally excluded from enjoying the prerogatives of the Russian guilds, as they were before permitted, without becoming subjects of this empire for ever. In consequence of the 9th, it is permitted, as a special favour, to all foreigners who are now inscribed in different guilds, and who, having already paid the tax, have obtained the right to expect the enjoyment of the prerogatives of their guilds, until the expiration of the present year, to determine, within the space of six months, either to become subjects for ever, or to choose between the two new classes of the foreign guest, or of the travelling merchant, as they are described in the 10th and following articles. By the 10th, all foreigners, without exception, have no other alternative but of incorporating themselves in one of the two classes, or entirely abandoning trade, within the space of six months. In being inscribed in either of these classes, it is only permitted that they shall negociate in wholesale with the natives of this empire, not among themselves, nor even to make any kind of negociation in retail. The guest is subjected to pay a tax of one and one quarter per cent. on a declared capital, which must exceed 50,000 roubles, and the travelling merchant must pay the same per cent. on a capital also above 25,000 roubles, on which footing the latter cannot remain beyond a year. According to the 11th, the foreign guest will become liable to town dues, and other taxes, and accessary charges, which are to be levied in an unlimited manner, at the pleasure of the magistracy, or of the town hall,

in which assembly, however, he has no vote; besides that, it is ordained, upon quitting the country, to pay the tax upon his actual capital for three years in advance. By an ancient law he is, even besides that, exposed to a deduction of one-tenth of the amount of his actual property, upon retiring from the burghership, or in case of death. By the 12th, each partner of a commercial house, composed of two or more partners, is obliged, individually, to pay the tax upon the capital, and all commercial houses alike are subjected to the same regulations relating to partnerships in trade, which are established for the native Russians, without the exception of producing them before the magistracy, or the town hall, and by such means to the minister of commerce; in one word, to publish to the world the conditions of their partnership, the extent of their capital, and other minuta, the disclosure of which is not required in any country, and which ought rather to cause disgust than encourage the plan of partnerships in trade, which they would wish to favour by this edict. The privileges of a travelling merchant are in like manner so limited by the tenor of the 13th, as well in their extent as in their duration, that the least advantage cannot exist for a permanent establishment. By the 14th, the term of negociation in wholesale ought to be defined into a new sense, and establish from it two different kinds; one, in respect to foreign merchants, and the other for the interior trade. This short citation of the principal regulations, without many comments, clearly demonstrate how the tenor of this manifest will prove prejudicial to the interests of all strangers in general, and, in some degree, the conditions required of a guest, or of a travelling merchant, and still more the rank of a perpetual subject, become incompatible with the duties, the principles, and the sentiments of a merchant of our country, in particular. If an augmentation of the revenue of the crown was only intended, it could easily be effected by some other stated tax, and we should find nothing to object to an imposition of certain customs on the extent of our commerce, or rather, in preference, on the amount of our duties: for, sooner than we will submit ourselves, whether to the arbitrary taxes of a magistracy, where we have no vote or influence whatever, whether to the declaration of our funds, and of the particular conditions of our commercial partnerships, before a tribunal, of which the members are our rivals; whether to the payment of a heavy tax every time we shall wish to re-visit our native country; or, in fine, to all the other fetters, not less burthensome, which are the consequences of such a subjection, if even privileges and advantages infinitely more flattering were attached to it, the greater part of our countrymen, for such a length of time residents in Russia, and many other creditable and respected foreigners, we have every reason to suppose, would believe themselves, through the influence of this law, compelled to quit the empire. After that, it is scarcely probable that other individuals from our nation would dare to undertake to replace us in those commercial situations, which we have believed it right to abandon. Commerce could then only be continued either by a direct correspondence of the commercial houses established in Great Britain, with the native merchants of Russia, as yet imperfectly initiated in the affairs of trade of other countries, or with stran gers, who would submit to constraints to which we absolutely cannot conform. There would appear an open presumption, and perhaps be even superfluous, if we should pretend to discuss the advantages or disadvantages which will accrue to Russia from this new system. We have no right to combat the opinion, which we believe to have remarked in this manifest, as well in regard to their own subjects, as in relation to their commercial resources: if we should speak what is our own opinion, it is to be feared that we should be accused of egotism, of jealousy, and perhaps of pride; otherwise we would not hesitate to affirm, that this very opinion, which has been insinuated by the authors of this innovation, is by no means well-founded, as it aims at removing a body of merchants, who, as well by their education as by their experience, have proved themselves to be best capable to direct a trade, established and carried on upon the principles of wisdom and honour; instead of accelerating the progress of the commerce of the empire in general, it would at one blow destroy the salutary effects which the enlightened and well-conducted politics of their predecessors have produced. For if we consult the annals relating to their trade with foreigners,

the registers of duties, and of merchandize, exported and imported, the cultivators of products in their raw state, the artists and traders of every description (great and small) who are found dispersed in their extensive empire, it will be, without doubt, confessed, that this country is not a little indebted for its present improvement to the English nation; nor can it even, with justice, pretend, that it is already in a situation to excel those who have been their very support in every commercial point of view, in capital and in foreign credit. It is as if they would wish us to believe (if we may be allowed to make use of a metaphor, just in itself, and not too forced) that henceforth their wretched axe alone could bring to perfection all the beautiful works of the cabinet-maker, for the accomplishment of which, until this period, they have been supplied with tools introduced by foreigners: facts so important ought to render other arguments useless. We flatter ourselves, that it is yet not too late for your excellency to confute this system, or, at least, to object to those consequences arising from decrees, which, in every point of view, will not be less prejudicial with respect to the whole body of merchants, than to that of our nation in particular. Your excellency, undoubtedly, will deign to employ all possible zeal, and make use of every effort to this effect. The present situation of affairs requires the most speedy and decisive measures; and, with submission, it appears, to us, that the talents of your excellency can scarcely be directed towards an object more important in its consequences, both commercial and political, to Russia and Great to Britain.

(Signed by the Members of the British Factory.)

St. Petersburgh, (dated) March, 1807

THEORY OF MONEY.-Concluded.-ON EXCHANGE.-Continued.

From what has been stated, it may be inferred, when, in any country, bills of exchange are in great demand, and fetch a high price, gold coins are scarce, and bullion risen in value; and at same time, the paper money passing in the country, not only readily goes in exchange for every other article of value, at the rate it has been issued for, but will, at all times, purchase these bills and bullion at the exact value fixed upon them, that the balance of payments is evidently against that country; and this will receive an additional confirmation, if the gold coins, instead of being passed as the circulating medium of the country, are picked up and sed at a higher rate, that is to say, for some symbol representing a greater proportion of the standard unit, than those gold goins were originally issued to represent; because that expressly shows that those coins have changed their nature, and, instead of being invariable representatives of the standard unit of the country, have reverted into bullion, in consequence of the urgency of the demand for foreign payments.

Since the year 1800, all those phenomena have taken place in Ireland, in a greater or lesser degree, and,, upon the doctrines here laid down, it would have been at once concluded, that the balance of payments had, during that period, been against that country. This however, has been vehemently denied, and other causes have been brought forward to account for them; but which, if the principles laid down in this work be true, could, and only did, exist in the imaginations of the assertors.

In the year 1803, the rate of exchange got so high against Ireland, as to cause an universal clamour; to quiet which a parliamentary inquiry was deemed necessary; and, accordingly, in the winter of that year, a committee of the House of Commons was appointed to inquire into the causes thereof. Their report was most anxiously looked for, as it was expected that it would not only clear up at once, all the difficulties that had previously attended the subject of exchange, but that it would also provide some effectual remedy for the inconveniences at that time attending the intercourse between the two countries.

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The report at last made its appearance, but unhappily without effecting either of the good purposes which were expected from it. This appears to be entirely owing to the committee having allowed themselves to be misled. With, seemingly, the best intentions, and the greatest inclination to do all in their power to set matters right; from a diffidence of their own knowledge of the subject, and capability of judging thereof, they suffered themselves to be imposed upon by people who almost appear to have laid themselves out for that purpose. In consequence, instead of attributing the high rate of exchange to the true cause,-the great balance of payments against Ireland-they were induced, although in a very hesitating manner, to impute it to a supposed depreciation of bank of Ireland notes, said to be occasioned by an alleged over issue thereof.

This report very soon sunk into the oblivion it deserved; but the doctrines supported in it have been, and still are, favoured by many. Indeed, they have been quoted and founded upon by every writer on the subject, since that period, and therefore their exposure is requisite.

As the bank of Ireland, in issuing its notes, follows exactly the same mode that the bank of England does, it is conceived to be unnecessary to go over the same grounds, to prove the impossibility of that bank making an over issue of notes, any more than the bank of England. One particular must, however, be taken notice of, which is, that the argument used, as to the bankers and merchants continuing to apply for discounts, during the time the depreciation was alleged to exist, bears infinitely more strong in the case of the bank of Ireland, than it did in the other; because, in Ireland, the depreciation instead of being 2 per cent. was said to be 10 per cent. Now, at the very time this said depreciation was alleged to exist, it is well known, but if required it can be proved, that the most wealthy and independent bankers and merchauts in Dublin, made daily application to the bank of Ireland to give them notes for good and undoubted bills, having not more than two months to run, and for which bills they were certain of getting full value when due. If, therefore, this depreciation of 10 per cent. did really exist on those notes, then these bankers and merchants were paying no less than 65 per cent. per annum. that is 10 per cent. six times over, and five per cent. discount, for the temporary accommodation they thus received from the bank. *

It was certainly unnecessary to have recourse to such gross absurdities, to account for the high rate of exchange against Ireland. A very slight consideration of the caJamities and untoward events, that had afflicted that unhappy country for several years previous, must have convinced any impartial observer, that that high rate was owing entirely to the natural cause---a balance of payments against that country.

For some years previous to 1798, an unhappy spirit of insubordination and insurrection had spread through that country, and which, in that year, broke out into open rebellion ; this, besides having the usual effect of stopping the manufactures, and burting the commerce of the country, bore peculiarly hard on its agriculture, from which a great proportion of the exports spring. It was, however, much aggravated in the ensuing year, when, by a general failure of the crops, instead of exporting grain as usual, it was found necessary to import grain of all kinds; and, in consequence of the stoppage of the distilleries, spirits also, and that to a very great extent, and a still higher amount; the price of both having risen enormously. This was followed by the union, which, however much it may be of service to that country in other points, was then against it, in so far as it tended to increase, at that critical time, the number of absentees who drew money out of the country. To these principal causes might, if necessary, be added a number of lesser ones, such as the demand for provisions and linens, the staple exports having decreased very much

It is rather an extraordinary circumstance, that, at the very time these assertions were made in this country, it should be stated in the Moniteur, that Great Britain and Ireland were on the eve of universal bankruptcy; for that already, in Ireland, money was borrowed at the rate of 65 per cent. per annum; and matters were very little better in Great Britain. By most readers in this country this assertion was laughed at ; but the above shows that the French took their data from ourselves, and that they were better calculators.

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