The Statesman.
London, England, 1819-03-12 00:00:00

Tres Tyrimwe mihi nelle discrimise Imbrium%

Paper, therefore, whether it beers the effigies of
Royalty or Republicanism, anima it convey to the ides
not the semblance merely, but the reality of so much
money, is liable to fall lotto satire discredit, and of
course at lest into disuse. This was the case of the
papergionsfr in America, though issued by a 09.
vernmeut whose struggles for lodepeodeace ultimate.
ly proved successful : and this has been the more re-
cent case in the assignats end mandate of the French
Repoblic,whkh professed to mato.' what might base
appeared to a seperficial reasoner sufficiently solid
ground, 'is. on the credit sea security of the national
domains. No notional domains whatsoever—no tor.
ritnrial property, however extensive, can give per-
manency to the credit of national paper. Whatever
may be its form, or fabrication—however Woman'
it may seem to the eye of him who holds a paper-
dollar or assignat in his hand, be may confidently
say, agreeably to the idea of Bairiki, when contem-
plating. Yurick's skull, " To this must you come at
lest."

That the paper of the Bank of England has been or
considerable widen to the Public, by affording greet
facilities to the commercial concerns of the country,
nobody will attempt to deny. It enabled the merchant
of London, to convey or carry to the most distant
parts of the kingdom. money to any amount by a very
light conveyance, and in a portable and convenient
form, By the secondary aid of the banker I. could
do more still, for be could pay • thooned power's
at Bristol and receive as much in Liverpool by one
single transaction. Bet in this case, the Bank and
the banker were in their proper stations. The f
mer was the agent of the Government, and received
a poundage for its triable; sad the Latter nu art

riuzittb;

withoot his tensed for the begirds of his treader.—
No fir sit less tell. The triesticelont silted 11H tb
the (Singe Jeanette' of an opulent and tredinteem-
sannigy. The Bent of England's ante was the cc.
presentative of se much vat money ; sad while libe
holder of it believed he coold coated It at pleasure
Into gold sad silvet, be was as well satitfiell with it
as with specie-in some respects be gate a preference
to it. This confidence was the result of oLlielions
the Beak was under of keeping at ell times a sin-
Hest gasneley of coined money to answer for every
deemed mode on it by its own paper. Its dealings in
lisallion; gate countenance to the belief that it never
tend enessinter anydilliculties .a this head. But Ob.'.
ever might he the diMesity, sod however great tie
disadvantage o(s rye epee elm Beek, Its Govereor
and, Ihruters were held by disk mouse. as well as
is equity, to provide spied them. The stork of the
trade, aid the very tools of the menrefacturer, ern
liable to the alts of his eteditersi end why should
set the same law open,* epos the trading Company
we are epeakieg of? The Bank bee failed in its con-
trast with the Peblic ; and is not this breech t 4
the aroma* with a whole People a deed of great
delingosacy I It loin vele that the Directors attempt
to justify theroselvea, by pleading their views of
serving the Governs ewt through their connelittes
with the Isle Mintier. The feendation of their betas
was supposed to hate Whig' petition in it ; melons.'
of that suture are too friable or combastible for aft
edifice like theirs. It was to be purely commercial;
and we that coweeptioa, and that sleet, easy it be
fairly presented, that three-fourths of the creditors of
the Bask have been encouraged to trust It with their
meaty. Then each en institution might isofelly and
fairly be made an atrial engine of the State, for the
good of the community, no one sill deny ; but allow.
ing it to become a tool to work the political designs
of a Minister, is an impolitic ottseqdinosneti krk ifs
guardians, whatever may be their individual profit
it is above all, a daagertnes debasement of it in the
eyes of the nation. What reflecting man, on his
dentlebed, would have devised hie money to the Bask,
Is trust for the use of his children, or grand-children.
If he had sespected the depository of his bequeathed.
wealth, liable to be applied to the political purposes
of a desigoisg se ambitioel Minister ?
The Bask of Eogiend, through every change of
party, say, through every vicissitude of Governinent.
eaglet to be the same Beak of England. Its faith
stood pledged foe pencteality, to those who were to
Immo its creditors ; and no Minister or Government
ironic! bate Jared to force the breed of it, if Its Go.
arrows had tetitified • willingness to resist the en.
constitetiorsal mandate. The Governor and Difec.
tors of the Bank may say, porha ps; that the Minster,
without them,could sot have carried the war es halloo
long. Perhaps not s and it remains to be proved whether
that wend !wellies an evil ore good to the country.
He would have bees estraer inclined to make peace,
and with a debt on the onion, perhaps of one or two
handled millions less than when he was at last cow.
pelted to submit to it. This is but a confirmatioo of
the evil retelling from the fending and teeing *system—
• system, the invention of which is ever to be deprecat.
ed by the philosophic sod benevolent mind. Bat for
this system, which may be considered a system of per.
sisal sad national amhition, against one of individual
sad general happiness, a nation world sot be so
prone to commence • war. and still less disposed to
cestiose it unnecessarily ; as it world be conscious
of its own physical strength or weakness, and from
its manifesting an aversion to enter upon it, would
infallibly meet with a greater support from its °tea
subjects ; thereby enabling lb. Government to ter.
Minute it with Isamu and safety. By feeling the
@stoat of every wound it might receive as soon as the
blew were gives, it would never be liable, as now, to
wage hostility till its very foundation becomes en.
dangered.
It mast appear obvious therefore to the shallowest
politicise, that the demon of discord could not bass
invented a *nose cartels engine for working vegeta•
tions In Governments, than by promulgating the
fending sinew By means of this mighty discovery
a Minister with long gross can reach beyond the grate.
With long legs ha may over-leap the coo firms of more
lathy; in biding generalist's yet unborn to aid hint
in his projects. Thu he can erect, In she coarse of a
few year., that mischief Ahielt, on the old mules of
" IN every man bear his own burden," would have
btie ages iti bringing about.
Tito interest of too many innocent person., and the
subsistence of too many helpless orphans, are involved
in the fate of the establishment In question, fur its
prosperity to be regarded with an eye of indifference.
Bet it is an undeniable fact, and it ought to be known,
that as it business has been and is still coadacted, no-
t aing but an increased foreign commerce, an as to yield
a balance of trade in favoar of England, can ever
bring back the gold into this country, which by the
Constitution ought never to bate been seat out of it.
At present the costs* of etching, Is adverse to those
wishes, and from the state of the manufactures of
Greet Britain; list more particularly from the condi-
tion of the Continent and almost of all Europe, it is
set easy to guess whoa it wilt be otherwise.
_ _ _

The price of the necessaries of life being raised for
beyond that paid by rival countries with mhos lwe
trade, of coarse the ossossisctorer is obliged to lay an
additions% charge on the goods he esports, and this
consequence has a tendency to is the dif.
Acuity beyond remits!, until soma mighty crash assi.
wastes artificial contrarieties and distinctions, end
opens a natural way to a new order of things. This
ptospectieo view of tho csw It is presented did cot
escape the porspi eye of our Ism Mini lid
made his resignation no Millet& struggle with Atm.
self. It leaves tie Mitigation of his successor hot little
enviable.
• This dificul►y has bees occasioned perhaps by an

egenry lovisibleand •ncontroalable, bet most certain-
ly it hag been accelerated and aggravated by the folly,
the ambition, and the sires of a heedful of men, who,
rantrary on Our dictate') of every wise Government,
hare iseglected to prefer the interest of the many over
the few, but have been studying the art of he/epilog
the former in subjection to the will of the lasts.
Even age has held out greet examples! And we find
them thrown anXty enflame who should most profit by
them.

The Public nay ho. said to have a two-fold access-
lion against the Bank; not only for putting their
specie at the late Minister's disposal, bat also for
obtairsing from I.itn, t►rough that moans, the licence
in issue as mach paw as they t►ink proper. Upon
an investigation of their affairs by a Committee of
flan Meese of Cominnns, it appeared not only that
they had lest to Government more than one half of
their capital, which night to have been in their cof.
feta, but that since they have been ramp' from the
o►ligation of making direr pips's,. is cosh, the
louse of their notes has increased to a mist alarming
degree.
ToZe continued]