The Sun.
London, England, 1801-02-07 00:00:00

THE ZRITISH
_RE PIE IV.

O)34ERVATI.O^7S- ON A 1.1 Tirtz.--.FROM W.
BoT1); :Etig."'lo :THE RIGHT HON. w.p-ur:t,
&C. —DE 131 t 111:T..

We, will-not say that it is rhe.objea, hut
impossible -to deny, t hat the !tendency- of Mr.
Bovo's Paniphleti relative fto-11-te ;stoppage tyf
issues in specie by the Bank of 'England, &e. is
to lessen the Public Credit of 'this eountry...-,
We are. •sofry to observe that it appears to be
written rather for the meridian of Path than of
London, as' it contains opinions .calculated to
encourage hopes of our Enetnies„; nd ,to de_
press our own.—lt could not' be supposed thr a
moment, that, such a work should belong with..
out Nino- refuted ; and, it has received, as it ap_
• i •
pCarS to Us, a complete refutation of its general
principles and .reasonings, in the interesting Pam-
tiphlet before 'as ; from which we shall offer our
Readers the following &Arad
" I.agree with Mr. Boyd, as -a general idea,
that if opinions or argunv4nts not well found-
etl, they cannot make a lasting impression on ,the
public mind; .but a temporary impression that is
erroneous may be attended, in public as Well as in
private
.arTairs, .with very mischievous conse-
quences,befoie the delusion is done . away.
Besides, if Mr. Boyd„ as I am dispoied to believe,
Ins deceived himself,'...may he not also deceive
Others ? .and does he ,not know that every Mem-
ber of Opposition, and every .enemy of the.
Country, both in and our of it, will endeavour
to support his theory,' bccia.use it tends to incul-
pate Ministers, to suggest su,,piCionS of the, Pub.
lie Credit, and perplex the opetations of Govern-
tiara, by promoting popular discontent ?
• " Ili'ne:v not whether it will 'fatter his vanity ;
but-he. must know neat his book will be read with
avidity in France; and it May probably produce
hopes in that country, which, I trust, he does not -
wish to inspire t. for he has stated, if I under.
stand him right, that the present state of paper
circulation will bring on the ruin of Great Bri-
tain, ualess the ,all-saving remedy which he sug- '
gtp,ts is.applies ; and he .cannot but know, both
from past experience, , as well as the existing
opinions of the Minister and the Bank of Eng.
land, 'that, the appliCation of his .retne'dy, will not
be adopted. He must, therefore, have completed
the syllogism in his oWn'tnind, and consequently
looks forward to the downfall of .his Country.
" Such is the corollary resulting from his
Pamphlet, on whose general topics I noWproposr
to offer a few brief, but, „.trust, conclusive ob-
' servations.
" Mt. Boyd lays it down as a ,princiyle„ that
the high price of clrain, and the advance in other
mcessnry Articles of life, is-to b,e attributed to,
the ire rease of the Paper Currency, from the ad-
ditional quantity of Notes thrown itito:cireula..
tido since tim year 11971*. To the stuneicatise •
he refers.the loss' in exekinge :Conti-
nent, and the advanced price of Gold.
He states that, in the. year 1795, the Paper.
eircidatio; of the BM(' WAS' t.i.,97.5731.; -and
that the Bank reduced it,- in the year ; r 797, to
2,(.).f0, pr. 1 his diminished cirettlatiim being
crtly felt by many- mercantile. houses in the
City, a Memorial was presented to the Minister,
in which Mr.' Boyd' took' active part,, re.
monstrating 'against the condu& of the Bat 4,
and suggesting a pan for the support of public
credit, independent of it. The proposition,.
hoWcver, was not adopted ; but the Ilank,,either
taking alarm, or fi:iding that the reasons for *con_
timing the diminution no longer subsiStedAgra-
thially extended its credit, so that iii the year
r boo it amounted,
.as appears -froth the account
dan cred to Parliament, to I 5i4i09970.1• the
ditiereoce,..in the
.course of five years, being
3,475,3974 and, this sum, according to
Boyd, is the intinstet odic) devoured, Our
harvests: it is to this increased 'circulation he
attributes the exorbitant rise of provisions,
well as overy other concornitant mischief. Few.
peope, indeed, have thrilled an adequate idea of
the extvit of the evils tor it mt./ be 'preyed;
by a ve,ry simple calCulacion, that the *reused
price of 4read :done amottnts, in the' consumption
of 6lty-iwo wee:l,i, to upwi;rds of twenty millions
above the ordinary ex pc:ridurn e,of:coonnottycnt,s.
" .Ii WC
,Stlip6A: ejtCh
,aCcor'ding_to •
the Produaltion, to ..consunic otic tittatteri)
in a week.; tlytt the advaixe 'in the p 6 -_t; of such
lost" i 4 one shilling tl,K4ve zener,tl rate in yeats
of pets ty ; a'o4.that .the population of Enghind
amounts to eig' ht raillioni ; that nu;;ilin-, at one
shiging p,t r. week, or 21. 425. per annuM, will
prodnee the enure- Oita -Sinn ,df twenty
d
cl.z;ht hundre 'thousand poundi. • .
e, When Mr. Bbyd had made this strong as-
sertion respeCting the augmeOted eiretilition, he_
ougl,t to have prOved.the truth of it. It became
hint to well= that .the circulation' is actually
overcharged ; that is to say, that there'hav,e been•
any persons in possession .of Bank Notes, With.
out being. able to cotr.ert them into property,
either of art afti,ie Or passive nafure.- This IS the
teal test, of the truth of his :opinion : and as no
complaint of that nature has hitherto been made,
it may bp reasonably presumed that no greater
quantity of Notei have beep issued than the Lir-
culatiOnabsOlutely demands.- Nor can Mr. VoYd,
I bclibve, point cleft a single
,instance in which
any one has sustained an injury by such issues.
" It is necessary to call to the recolleetion of
those. who consider this important subjed, that
the. Bank, of England never issues a Bank Note
without receiving the, full value of. it ; which
y,alue nuitt consist of gpecie, or wipe other secu-
rity.produeing. art advantage .'to the .Bank, and
thereby increasing the security of the Note is-
sued. It must also be considered, that the pro_

Thi*chargols,Corrpletely *fitted by the, following
fad. Itt.iliS year 170, and colt etinotly since the in—
creased istie Of Dank Notes, Wheat wis at a reamniable
as to*, I hatvo, as _fif(y. ahilln s the quarter,
whieh plainly proves that the State 61' the Crap regulated
the pricy, and that the isbuc of N,;tes had no etli:ct du it
whatever.

' bibition AGovernment, .to the .Bank, .toipay its
Note; in cash, so v,' iicly, .and, a's I cc)ee'ei ye, be-
' eficially adopted at a very critical tip Invent, pos.:
lsed a diteet tendency to increase the paper in
circOlation; for, as. :all :the Blinkers-,, a!, well as,
lhe 'Bank itself,- refused :Cash, and the 'Nation
found a grcai ConVeniciice in the small Notes, the
Sank consequently became the repository of great
part of the specie in eireulation ; and as the Di-
reetors were prohibited horn issuing it, the con-
steprenceisy• that it ,must remain there, to repre-
sent. the paper dispersed into circulation. , ,
" When all the ' various circumstances are con-
Sitlered, which during the last three years . have
tended. to increase the circulation •of the Bank_
ether; it is rather a matter:of surprize, thatit
has not 'been pushed •to a much greater extent.
" Since the _year 1797, 468,946;9201. have,
been added to the national debt„ whose annual
interest necessarily required a 'large:addition of
Bank Notes, which must naturally increase the cit...
cula don. The Trade of the Country has likewise
been greatly augmented, by the conquest of some
very valuable Colonies .on the- Coast of America:
" The real Scarcity of Provisions, 'which is
chimerically treated by Mr. Boyd, has also, by
the, very advanced Prices arising from that cir-
cumstanee, tended to increase the circulation.
Now, when-a fair statement, is made of all these
occurrences, and a dcduflion added of .the.
of Specie- received into the Bank, out of
the increased issue of 3,415',3971. the balance
.vill , appear to .be very small indeed ; and the
phantom '•conjured up by Mr. Boyd's finaOcial
imagination, dissolves in air.
" ,But .while Mr. Boyd dwells on fancied evils,
Or sufFers his imagination to. exaggerate .beyond
al probability some of those which really exist,
he passes over th,.e dearth' of grain :with a degree
of calmness that might not be altogether expetied
from a person, who seems to be prepared to un.:
fold the distresses of his country : int* he cannot be
ignorant that the value of the imports, of various
kinds, during,the lasttwelvemonths, have atnount..
ed to seven or eight millions sterling ;. and as grain
in ever'y part of the world is a ready-money ar-
ticle, it required the most prompt. mode of pay-
ment; . Besides, a 4 grain has been collefted.:m,
every quartet-1 where it could be obtained, and as
the Farmer gust be paid in cash, an increased de-
mand 'for specie or bullion was ,the natural con-
sequence. The Subsidy to the Emperor, amount-
ing.to seleral millions, must be also :thrown into
rhr: scale, and neither of the circumstances have
been noticed by Mr. Boyd ;
_so that • the present
high price of gold apPears not as an irregular, btu
as A natural and obvious consequence. Nor shall
i beinsily persuaded that ihese..are not more rea-
sonable and satisfactory causes for the high price
of gold, than the stoppage of payment in cash at 1
the Bank.

Any man who is the least acqnninted with
trade must know, 'that; were.-the Batik ,to unlock
its.chest,S, and. supply the spe,ete, which they con-
tainedi,lo7-:be ,sent abroad, the, innediate efFea
oultt ;-b4
,;the lowering of the exchange.
of !Goyeturnent i, I.lot always to reed VC
the ‘slietates, of the Risysl Exchange. In the
is.iue, of
,Exchequer .Bills in: t 793, Mr. PITT
ided in dire.l opposition to Elie Mercantile
Opinion_of the City of London.; nevertheless that
important_And -saving measure,, was crowned with
complete: success. But a ingenu iiy of people_ in
trade *is- ever in a state of exertion ; and when
there is a loss on gold, merchandize will be em-
ployed to supply its place, consequently com-
merce will be proportionably advantaged.
.66 The .with: foreign nations is always
fluetnating, and it is more than probable that in
six months it may be as much in favour Of Great
Britain, as it is now against it. Indeed there
Fan be little doubt of such a favourable event; if,
by the blessing of Providence the ensuing harvest
Should be crowned with abundance. Wheri the
outgoings of cash
,for the purchase of provisions
begin .to sub&ide, such is the universal extent of
our trade, the Nationi Of ,Europe must-be tribu-
tary to'Great Britain.
In the present circumstances of ,the Country,
GovernMent aas with a ivise precaution in re.
&crying as much specie as it can collet, for.' the
sere ice of the State '; as it is impossible, in the
present extraordinary and eventful period, to
foresee, what unexpetied, exigencies may arise.
The Direeiors of the Bank of England will not, I
believe, be influenced by Mn/ B6YO's elabo-
rate • Pamphlet, to disperse abroad ,any por-
tion of the specie under their eontroul ; nor
would the Minister, 1 am certain, be induced,
from the arguments contained in iti to advise
such a,:ineasure. ' But though there is too much
good sense in the Country,. to, be alarnied at.the
frightful pidtire which . Mr. Boyd- has drawn of-
the state of our Finances, our foreign as well as
our domestic enemies may rejoice to hean.thai
the Nation is ruined by the Bank.of England.
" He produces an example of the bad effe64 of ,
its consitts% by comparing it with.. that "Of the
Caisse d'Ecompte at .Paris, whose failure is well
knoWn.: It .was a Public Bank, divided into
shares, with fr capital of t 00,000,060 iivres
Tournois, equal to +,375,0001. sterling, and
'having in circulation 'Notes to the amount of
nearly as much more. But without considering
the nature And charafter of the two Countries,
;us well as the= vast difference in their political
Constitution, he attributes the weakness, folly,
and ruinous principles of the 4irench Pigmy, in'a
Country with little comparative Commerce, and
without Liberty, to the Colbssua of the Bank of
England, possessing the -greatest Commerce -in-
the World, and the only residence of Liberty and
Security, on the .faCe of the Globe."'

A vessel valuably freighted, belonging triOx,
ford, was last week upset in the Thames at Bo-
Veny Point, between Maidenhead and litindsor,
by a sudden gust of wiud, which at the same time'
agitated the water to such eicient, that a wave
pas9ed over the bow, and contributed to sink her,
notwithstanding thirteen horses were at' the line,
and five men on board.