The enquirer. [volume] (Richmond, Va.) 1804-1815, 1810-09-21
d,Doslle8tlc.
DECLINE OF CREDIT IN
GREAT BRIT.dLN and IREL.HN.D,
FROM THE AURORA.


1t is unnecessary to refer our readers to the
anticipations of several years past in this
paper, on the inevitable effects of the Br
,ish financial and commercial forcing sys
tcm--Our readers at least Cannot have for
goJsen the particular essay under the sigma
ture of TRUEPENNY Could any rational
mind calculate upon trade carried on
thro gh Hel,goland, through Malta, through
Sardinia Algiers, as competent to pay
expences and "e.urn profits--or to make re :
guiiis auy va ,iequate to values The ia
ciiIIy with winch credits are given and Ia
ken, is proyerbial the difficulty of reali :.
ztag debts or obtaining payments is still
more generally known The excess Of Gre.
DIT besides gIuttiug the markets wher
ever IL fad All illicit access, affects the
raj; payirg dea ler---and thus round the
circle of commerce all its principlesar are
versLrslned and its objects defeated.
The depreciation of the paper money of
Great Britain. and the consequent destruc
ton of both public and private credit e.
vents which could not have occurred SO long
as British commerce encreased in ratio with
the augmentation of the circulating medi
un,) are now in rapid progress to their &C
accomplishment, in CONSEQUENCE of the novel
system adopted by the powers on the con-.
tinent Of Europe, WHICH BY refusing to re-
q,
receiving them when smuggled, and either
couhscatng or not paying for them. has pa
rallied aud rendered her commercial mo
Dopoy, and the effects of her industry, near
ly useless to her.
The last arrivals from Great Britain fur
nish us with accounts of an immense mum
Der OF failures in the city OF London--of
failures of the country banks, &c. and in the
south OF ireland. where bank notes have
had a more ex ensive circulation than in o 4.
Their sections OF that Kingdom, there APP
pears TO be nearly general Bankruptcy.
The cause is obvious to all, except those
who believe that an annual accumulation of
debt and taxes, Can never produce natl !.
onal bankruptcy in Great Britain, merely
because fortuitous circumstances in com.
merCs have prevented the occurrence of
that catastrophe so soon as we predicted
In the year 1897 the bank of England be-
came so exhaustsa of Specie. in coDse-
quence of having supplied the government
with funds to pay the subsidies TO the EN-
peror of Germany, the king of Prussia &c.
tor the purpose Of g biorting France out of
the map of Europe" that it became neces
sary TO stop payment; and since that pc
Rod, to the present day, the bank has paid
no specie to the public, and has Iiquidated
its old debts only by issuing new notes.
These notes. it appears, have passed with
the British public for the last thirteen years
as a circulating medium, Che same as il
their value had been established by specie
Of solid kind representing them, in the
vaults OF the bank. The effect, was, that
the bank directors finding themselves exo-
nerated from. meeting their notes with spe
Gle, extended their discounts and augment
ed the emission Of their notes from eleven
millions, at tho period of their defalcation,
to nearly If not quite 90 millions sterling in
the year 1909 J and in the mean timc, l-het