The Statesman.
London, England, 1814-04-07 00:00:00

Ts :as EDITOR ea Till STATESAILIN

" --•-•sei---
Sta,—At a period when experience Itself is
' nietted with the vicissitudes of States, and with
overthrow of Governments heretofore rieetiell -
~as permanent as the world itself, the civol an,
passionate mind will miters* end - ansinaisly
rected towards a fair analysis of property.
Sir, through. the channel of your very in epee
Paper, permit me to offer my ideas os the suk
and which 1 shall succinetly lerramatt under such
ferent classes as it, obviously branches itself in' _
Ist, I would place Guilt rind otheeprecietu Metals
for every thing the world procluceth, may
changed for them ; and ai the care coocomit
of every foreign ,trade, the price they beer f
not materially. depend on the fluctuation of
liticel events in any portion of _lke . globe,
'VI v' Articles of Foreign Trade,n
otprohibited
of genet-al estimation. This article hada net-
'nit y to the first ; and although commercial advent
might he checked by the convulsions of a Stitt,
the balance of exchange being then against that
I might operate on the whole highly favourable
' float commodities.-341y,'Foteign Fulfils, per
larly of those countries at peace with its
on this bend our judgment must be regulat,
political circumstances; In general, where the
tic debt is the smallest in proportion to its zopu
tion, there one carets the best security, E
stance, the American ; end White, lb our
we can only receive our dividends in paper
America they can he received in hard
Nor by the 10th Article of their Treaty . ,1
coerceott
erce with us, can the property whiett e
'duals hold in either Of our public funds %list.
. seqoeitrittion in the event of .war.-401"40410,
of thefirikt necessity appear to claim:, ti far qlest lairIddllhetrovi, Indeed, during the hour cif dollars
li
stint' might probably rise in value, pa/Oculist+
'those that were of least balk, so . !mit `dial
to the dattget of public resentment.-75thly
Conveniences • tsf -Life. •Bdt, as all rank,'
partially aliitalet from them; thrY would hatu
fall in value.--fitidy; Lode. Indeed, thistle
, produce articles of the Ilist.liecesslty, would-Ica
!be expected te.fall, partiodiallyits such articles •
! bee r kgood Price, eves if eePorted. . There 12, ,
I ever, gorier* of dimitiotiatt of vitae, 'from..
[probable toticomitaneof 'the dearth .of enmity
I such national disturbances, and . which ,eisiebt' .
themduce tb the value of bet 'a few: 'hire •
;
' chase.-7thly',. Luxuries and Articles of (MA..
gallon woeld depreciate exceedingly, as they
be almost laid aside.—Sthly, and lastly, We
:left only book-debts, mortgages, and other
curities (which would lamentably prove tlWmsel
Ideficient in such an event). end the gigantic set:
1 Public Funds and Government Securities to cool'
Bot as there are many cogent reasons why we I
• not assign to them, their proper station, we she
present postpoce their analysis, and in lieu collet
our disquisition with a quotation or tivo from
brated writers—end first, Davin HUMP.,. writ,..
1749 :—.46 But it is more. probable that the breach
national faith will be the necessary effect of
defeata,misfottunes,anci,public calamities, or even per.
haps of victories and conquests. I must confess, when
I see Princes and States fighting and quarrelling
amid their debts, funds, null mortgadejlt Aiwa)*
brings to my 'mind a match of cudget-p'apag . feught
fu a eithwieheie«LjLeselcau it be expedA adtt Sove-
..
reigns will spats apt iirmott-ftte. hls per-
nicious to thetntelves and Iti thlilchild.? 'Theism:
funds created for the exliendee .of the year, ire
i probably not subscribediiind- Woe' not the• money
i projected. Supposeeither AO the cash of the nation
is exhausted, or that oar feith,. which has been hi-
-1 therto so ample; begins to fail us. Suppose, that in
1
this distress we are. threatened with invasion—a re.
hellion is suspected or broken oat at home-,-a
!squadron cannot be eqUipped for want of pay, vie-
teals, or repairs—or even a foreign subsidy cannot
ibe advaaced, —what vilest a Prince or Minister do in
such an emergence ? ; The right of self-preserve-
.
i tion, unalienable in every individual, much more
' in every community—and the folly of our Statesmen
s must then be greater than the folly of those who first
}contracted debt, or what is more, than that of those
1 who trusted or continue to trust this security, if
t
these Statesmen have the means of safety in their
hands end do not employ them. The Fund., cre-
I ated and mortgaged, Will by that time bring in a
large yearly revenue, sufficient for the defence 'and
security of the nation. Money is, perhaps, lying
in'the Exchequer, ready for the quartet 'y interest—
necessity calls, fear urges, reason ,exhorts—coal-
-passion alone exclaims—the money will immediately
be seized for the current service, under the mast
solemn protestation, perhaps, ! of being immediately
yeplaced!' Bet no more is requisite. The *hole
..fabricr already tottering, falls to the ground,
sand buries thousands in its rains; And this, I
think, may be called the natural death of public
,credit : for to this period it tends, as natarally as an
animal body to its dissolution and destruction."—
ADAM SMITH, in his last Chapter, says, ',4 Whoa
.national debts have once been accumulated to a car'.
tatatlegree, there is scarce a single instance, I be-
lieve, of their being fairly and completely paid.
The liberation of the public revenue, if it has ever
been brought about at all, has always been brought
about by a bankruptcy, sometimes by an *roared one,
but always by a real one, and.. frequently by a pre.
tended payment. Ths raising of the denomination.
'of the coin, has been the most usual expedient by
which a realpankruptcy has been ii iggui.u.d, under
the appea ranee of ' .
f a State is very
•to cover the disgf
,course to a juggli
through, and, at
cious."—l shall
the effect of these
or remark.

.Sir. HORACE
'spa 10 long kno
to the the gent ac.
the greatest protector
'was soppoted to
any other person,
subject. Latter!
amusement.

- .
• ~i.I.
..,11,.',,;-
;f a pretended payment. The honout "ii. -F,
y poorly provided for,`,.if, in order
;race or a real bankruptcy, it his re.
ling trick of this kind, so easily seen
tt the same time, so extremely perni.
not, Mr. Editor, at present weaken
se quotations, by either application
' PIIQCION,.
MANN.—This, Omoleetan, so well ,
. - .
own, died a few drys agn, a martyr
;t Margate. Many ears ago he as
lector of the gamo i kittistud, mid ~
itt
have had more on is states. tlism
1. and was at greater 919 e. on the
rly, the whist legs %cid his great ~--.
. .
. . ,
. .

)44

a,