Les bras entrelacés dansant sous des ormeaux, The author pursues this train of thought with admirable feeling, and introduces a translation from Horace (Ode vii. Book 4.) which, as it is printed without the name of its translator, and as this omission is contrary to the essayist's uniform practice, we conclude to be his own. We dislike the metre, because we perceive a pertness, and an abrupt effect in the concluding line of the stanza, according to our apprehension: but, in point of poetical expression, the author (if this composition be from his pen) has shewn that he can exemplify his own precepts: "Diffugere nives," &c. The cheerless glare of snow is past, Again the Earth renews her youth, The nymphs and graces o'er the mead Yet joys immortal are not here; 'Tis but the season's transient bloom. Now yields the cold to Zephyr's reign; When Autumn, to poor mortals kind, Completes the round. Yet still the circling moons pursue The rapid course, which late they ran, The youth of nature to renew; But, hapless man! • When When we shall lie, as soon we must, Who knows how soon the gods decree, The succeeding essays are of equal merit, generally speaking, with those which we have mentioned. That which relates to the Tender Affections' should be read by every female in the kingdom. Indeed, we trust that the popular and engaging manner, in which this author has treated all his subjects, will introduce "the metaphysics of poetry" at least to the toilets of the fair. Need we say, that we mean not the Cowleian poetry of metaphysics? We wish, however, that the study in question had a less revolting name: "the thing we call a rose would smell as sweet by any other name:" but if neither the author's art nor our praise can recommend the other parts of this work, an essay on Beauty' surely must claim attention. We may add that it is the least metaphysical (we mean in point of success) of any in the volume, and may therefore better please general readers. The concluding theory and practice of the Ludicrous' has dismissed us in very good humour with an anonymous writer who must soon be unearthed. MONTHLY CATALOGU E, For SEPTEMBER, 1811. BULLION QUESTION. Art. 12. Farther Observations on the Subject of the supposed Depreciation of our Currency, and the Causes of the Diminution in the Value of Money. 8vo. pp. 41. Longman and Co. 1811. These observations proceed, we understand, from the pen of Mr. Robert Wilson, Accountant in Edinburgh, and one of the Directors of the Bank of Scotland; of whose former pamphlet, on the same subject, we gave an account in our Number for March last, p. 290. The first object in the present tract is to shew that Banks have much less power than is vulgarly attributed to them, in regard to lowering the value of money and that they are much more remarkable for facilitating the detail of business, than for extending the capital of a country. The next and principal topic is a defence of the argument that the state of our foreign exchange is not affected by our paper-currency, but by the balance of payments between us and the continent. To establish this point, the author goes into a history of our commercial intercourse with the continent during the last last twenty years; in which he dwells largely on the effect of deficient harvests in turning the exchange against us. In this, as in his first pamphlet, he ascribes, perhaps, too much to our situation in regard to corn, and too little to the burdensome operation of our subsidies. Notwithstanding all his anxiety to enumerate the commercial causes of the fall of our exchange, Mr. Wilson omits that which is the most. potent in our eyes, the stoppage of the American continental trade. We differ from him likewise in another point: he is unwilling to admit that even the rise of gold to 41. per oz. in 1800, a rise which has ever since continued, implies a depreciation of our paper-currency; and he accounts for the permanency of the advance of gold by the circumstance of the exchange never having risen since that date, suf ficiently to defray the expence of importing quantities of gold inte this country. Mr. Wilson's field of observation is chiefly in Scotland, and he makes the following computation of the rise of rent and price of Fabour in that country since the year 1790: After the scarce years, and high prices of the years, 1795 and 1796, a rise of nearly 1800 and 1801, Since the corn-bill of 1804, Kent. 451. per cent.; from 251. Computed in all 100l. per cent. Labour per Week. 7s. to 9s. 9s. to ros. IOS. to 128. Such computations are necessarily liable to uncertainty: but we are inclined to think that, on the whole, the present is rather below than above the mark, and that land in Scotland would now fetch fully twice the sum which was reputed a fair rent in 1790. In England, the poor-rates operate to disguise the real advance in the price of labour. Notwithstanding the limited influence which Mr. Wilson is dis posed to ascribe to Banks, he is of opinion that the existence of a paper-currency has been the cause of a want of re-action of late years in regard to prices; that is, whenever prices were raised by a deficient harvest, the abundance of the circulating medium prevented their falling back to their former rate. He computes that the cornbill of 1804 had the effect of permanently enhancing grain to the amount of 24 per cent.; and in regard to the grand question of the practicability of cash-payments, his opinion is that it will depend on the state of the exchange. Though we disagree in some points with Mr. Wilson, we are disposed to rank this, as well as his former pamphlet, among the best which have appeared on the present ques tion. Art. 13. A Letter to the Right Honourable Sir John Sinclair, Bart. M. P. supporting his Arguments in Refutation of those advanced by Mr. Huskisson, on the supposed Depreciation of our Currency; including a Letter to Sir Charles Price, Bart. M.P. in August last, on the Report of the Bullion Committee. Second Edition. By J. M. Siordet, Merchant in London. 8vo. pp. 48. 2s. 6d. Cadell and Davies. 1811. The writer of this letter is well known among the London merchants trading to the continent, having been engaged in business above forty forty years. His publication consists of a series of arguments in op position to those of Mr. Huskisson, on various points of the bullionquestion; in some of which we are inclined to differ from Mr. Siordet, at the same time that we acknowlege the utility of his remarks on matters of mercantile detail. The chief aim of his epistolary communication is to shew that the high price of gold bullion is caused, not by our currency being excessive, but by the state of our continental exchanges. The scarcity of gold in this country was created (he says) by speculators exporting it to the continent for returns in bills of exchange, by which a considerable gain was obtained. For example; at the time when he wrote (15th March 1811) an ounce of exportable gold would cost in London Freight, insurance, &c. £4 16 4 £50 The same gold would sell in Paris for 96 livres, with which a bill on London may be purchased at the exchange of 17 livres for 11. sterling, making 51.138. sterling, and netting a profit of 13 per cent.' The recent proposition in parliament, to open branches of the Bank of England throughout our principal towns, renders it proper to mention the manner in which banking business is transacted in Lancashire. Mr. Siordet's account serves to confirm what we had formerly heard on that head. There are in Lancashire, we understand, no Banks of circulation; nor are the notes of the adjoining counties currently received. When a sale of goods takes place, payment is made by bills on London at two or three months' date; and when these bills are discounted by a Lancashire banker, the nett amount is paid over in Bank of England-notes. Mr. Siordet remarks that a single Manchester Bank is in the habit of receiving weekly from London upwards of 20,000l. in Bank of England-notes, for that purpose; and the established commission on banking transactions in Lancashire is per cent., which stands in lieu of the advantage derived by other provincial Banks on the circulation of their notes. Such is the general practice throughout a county which ranks as first in extent of manufacture, and next to Middlesex in point of trade. Mr. Sierdet is evidently of opinion (p. 17.) that our restrictions on the continental trade are the chief cause of the present state of the exchange; although he does not choose to say explicitly in what respect he considers our government to be in error. He mentions (p. 20.) a curious anecdote of our Bank-Directors, viz. that those only who have passed the Chair are acquainted with the actual amount of bullion in the possession of the Bank. We were aware that, among the Bank-Directors, a great difference prevailed in respect to personal weight between those who had or those who had not passed the Chair: but we had not understood that a knowlege of the stock. of builion was one of the points of distinction. Mr. Siordet has added a P.S. on receiving notice that the Bank had resorted to the expedient of raising the dollar to 5s. 6d. ; a measure which he regrets. The chief blemish of his letter is the fulsome praise bestowed on Sir John Sinclair, whose maxims on coin and bullion he terms invaluable ! Art. Art. 14. Observations on the present Price of Bullion and Rates of Exchange; wherein the Objections of Mr. Bosanquet and others to the Report of the Bullion Committee are attempted to be over-ruled. By George Woods, of His Majesty's Customs. 8vo. pp. 60. 3s. 6d. Baldwin. Mr. Woods is a strenuous advocate of the Bullion Committee, and supports them with zeal against the attacks of Sir John Sinclair, Mr. Bosanquet, and other champions of the Bank. He writes, however, with moderation, and shews himself to be conversant with the doctrines of political economy. On some points, we are disposed to think that he has entered into superfluous argument; as for example in the disquisition (page 17.) intended to shew that the rate of interest is altogether independent of, and unconnected with, the quantity of circulating medium in a country. The well-informed part of his readers must be aware that it is by the amount of stock in a country, and not by the amount of that which circulates stock, that this important point is regulated. Though the public creditor has no option in the mode of receiving his dividends, and must be contented to take Bank of England-notes, we are far from comparing these notes to the assignats of France and the paper-dollars of America; comparisons which appear to us somewhat at variance with the temper which in general characterizes this pamphlet. In his second chapter, Mr. Woods enters into an examination of Mr. Bosanquet's opinion of the influence of taxation in raising prices. That gentleman had computed that the effect of the taxes imposed since 1793 had been to enhance commodities to the extent of fifty per cent.; an estimate which appears to Mr. Woods, but by no means to us, to be over-rated.On the subject of our corn-laws, on which so much stress is laid by Mr. Robert Wilson and several other writers on the side of the Bank, Mr. Woods is contented to remark that the free corn-trade, which this country enjoys, tends to keep down the price of this necessary article below the result which a calculation from the increased tax on land and labour would afford.' The corntrade,' he adds, may be considered free so long as the average price of wheat is not below 66s. a quarter.' It is true that, since the cornbill of 1804, the price of wheat has been steadily above the limit at which importation is prohibited; a circumstance which probably led Mr. Woods to speak of our free corn-trade: but it is not the less true that the existence of a conditional restraint on importation has materially operated to the enhancement of our prices. It deprives the foreign grower of certainty in regard to the English market; because, though our prices at the moment may be above the specified rate, a plentiful harvest may suddenly reduce them, and exclude his supplies from access to our ports. Mr. W.'s third chapter is appropriated to the subject of exchange. Whatever may be the effect of taxation in raising the price of commodities, we perfectly agree with him (p. 45.) that it can in no case account for a difference between bank-notes and bullion, nor for any variation in the course of our exchanges. He seems puzzled to explain the sudden occurrence of a fall in our exchanges in 1808, after they had kept up during eleven years of Bank-suspension. It is a ques |