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and tore it into a magical shape. The story of the Yellow Dwarf is This worthy king of patches had at minutely, but rather tediously told, another moment to carry his diamond for we little folk do not like to be inexpressibles through a mirror, when kept waiting for the pantomimic after coming down to the lamps, lift, feast a long time before the covers ing the black mask from his eyes, are removed. We like to see a Hara taking a run and a muscular spring, lequin, a Clown, and a Columbine he stuck midway in the glass, and speedily dished up, and cannot pa you saw him dragged through by the tiently sit out a long and splendid scene shifters. The Clown was as preparation. The King of the Golden unfortunate-his cabbages would not Mines bears himself right gallantly, walk-his gun would not go off. The and claims his bride in true bravery: only successful scene was the green The Yellow Dwarf descends from curtain, at twelve o'clock. Such was the fruit tree, at Mother Bunch's a Drury Lane Pantomime.

call, and looks as ugly and yellow as They order these matters better at need be and the young lady PrinCovent Garden. Mr. Farley has a cess chooses the handsome suitor, soul made of spangles, Mr. Grimaldi with a truly feminine indifference. has a mouth open as a letter-box- But of all the important persons, we should guess it to be the original commend us to the Mother of the of the latter half of the sign painted Princess! (Mr. Barnes.) She, with on Mr. Willan's coaches. The Co- her Bonassus body and flaring crime lumbine is a lively elegant girl--and son countenance, shaded by a white Mr. Barnes has a humour of the veil—is company for Gog! How richest and feeblest kind as Panta- broadly does she career about her loon. The scenery is beautifully mansion-how expressive is her nose, painted and contrived, and the dresses terrifically pugged-how ample her and tricks are admirably plotted and chest,-almost a chest of drawers! executed. Indeed it is a pleasure, how magnanimous her back. When and a laughing pleasure too, to be she toddles up the stage to look at fairly in for a pantomime at Covent her sleeping daughter, she looks Garden. Mother Bunch must bow like a trotting copper !—In verity, (or curtsey) to Mother Goose, but she is a charming woman, and a she is potent in her way, and be- widower. friends the Yellow Dwarf correctly, The scenery is very beautiful, and according to the book. Oh! these the tricks, though not of the newest, delightful magical tales ! These fairy ‘are adroitly executed, which makes and ever young stories. What riches them as good as new. Grimaldi, the do they open to youthful hearts- rich Grimaldi (we only hope he is as what Aladdin Lamps are they in rich off the stage as he is on, for then childhood !--We could repeat the he may do!) laughs aloud several names of those we have read, when we times, and makes a few remarks in were so high! and find joy even in the course of the pantomime, which the repetition of such names, A Fairy it is impossible to resist—bursting as Tale! Princess Fair Star, and Prince they do from that Highgate Archway Cherry! The Little White Mouse! of a mouth, and seconded as they are The White Cat ! Tinetta !-Ah! such by his clear jolly visage. His son diamonds as these are not combed should not speak; he is a nimble lad, out of the hair of literature in these but no Clown-orator. The exhibition impoverished days—and wemust ever of John Gilpin in all his glory, with cherish Mother Bunch, Mother Goose, bottle necks, and without wig or hat, and all those old enchanting mothers, is a play of itself—a play of the who suckled us with fairy milk when muscles! Indeed we enjoyed the we were little. Gray has said that pantomime heartily; and what would

you can have but one mother.” a critic have more? Here are two mothers, kind, glorious Miss Dennett is a lively girl; and and old, and fit and ready for any Mr. Ellar leaps like a Trojan. child. But to the pantomime.

ON A FREE PAPER CURRENCY. Mr. Editor--I was the other day subject were not opinions which he in company where the propriety of had himself crudely formed, for he supporting a petition for a free paper was ready to confess that ne was no currency was much questioned by financier, but opinions supported by some gentlemen who had been at those who were best acquainted with tending the Norfolk Meeting, and the whole bearing of this great finanhad heard there opinions, as they cial question.” thought, expressed against the mea A third gentleman differed so far sure. One said the petition was for from those who preceded him as to an increased paper currency; “ but “feel convinced, that the alteration what, he would ask, had been the of the currency was the chief cause great cause of all the calamities un of the distress; but though the Bill der which we were labouring? Was which effected this was impolitic it not the great circulation of paper when it was passed, he would say it which had formerly prevailed ? What ought not now to be repealed; for, was the disease? A paper currency. in the last year, many contracts had What the remedy proposed to be ap- been framed: and though the operaplied for it? Why, the very disease tion of the Act might be a scourge, itself. He had heard no arguments it was only the work of retributive in favour of this measure, and he justice; whereas, to repeal it, would should like to hear whether any could be absolute spoliation.' be advanced. In his opinion, the real I know that your Miscellany, Mr. cause of our distress was to be found Editor, takes no particular side in in the enormous taxation, as well politics; and, from the absence of all direct as indirect, imposed at present articles in which the views of party on the country; and the only remedy are professedly maintained, I conceive would be found in a rigid economy that such writings are not likely to enforced in every department of the gain any favour with you: but, as State, naval, military, and civil, from this subject savours neither of Whig, the head of the Executive down to the Tory, nor Radical principles; as it lowest offices of Government." concerns only the common weal; and

Another gentleman was opposed to as all classes are alike interested in the petition, “ because it had, for its its discussion, being equally implieffect, the re-enactment of the Bank cated in the good or ill to which the Restriction Act, which was the cause determination of it must give rise; so and origin of all our difficulties: that I hope you will allow me to oppose, Act had given Ministers power to in your pages, the arguments, or rather obtain almost unlimited credit with charges, which, in the above-menthe Bank, and thus enabled them to tioned speeches, were, at the time, expend those enormous sums of money successfully brought against the prowhich were the real cause of the pre- posed measure. sent distress: it had created a currency And, first, let me vindicate the adof paper which had given a fictitious vocates of a free paper currency from value to money. Mr. Peel's Bill was the charge of wishing to restore the proceeding to restore it to its true Bank Restriction Act. They disapstandard; and one good effect of it prove of that weak and unphilosophiwas, that it was daily bringing the cal expedient, and would have us do English farmer nearer to a state of now what ought to have been done competition with the foreign grower, when that unfortunate measure was into which it was at present impossible first proposed to the consideration of for him to enter, for the former sold Parliament, viz. acknowledge the his corn at 80s. a quarter--the latter principle of an increased value of gold at 40s. What was the cause of this compared with our paper currency, great difference? It was, that the and provide for their constant interforeigner paid no taxes—not that he change at that rate which the extra had a better climate, or greater in- issues of paper money should render dustry than the English farmer. He just and necessary. According to concluded with saying, that the opi- this plan, the value of gold would nions which he had stated upon this possibly have been raised to the price Vol. V.


it bore at certain periods of the late But who thinks of lamenting a plenwar, when, to answer the demands tiful supply of corn? Yes, I am sorry of Government, it was bought up at to say it is the language of too many the premium of seven or eight shillings at this present moment, who attribute in the guinea; but it is not unlikely our distresses to an abundant harvest, thạt, if the Bank had been the con- and who teach us to hope for better stant channel of supply, it might have times when it shall please God to been considerably lower, as there was give us a drought, or blight, or mila great quantity of money kept from dew. This impious doctrine, for it is circulation, partly from timidity, but nothing less, since it charges on Provery frequently from a conviction that vidence the misery resulting from it was dishonest to sell it for more man's silly councils, is likely to have than its legal value, and from a na- a speedy punishment; for the check tural aversion to part with it for less which has been given to agriculture than its known worth. Be this as it is sufficient to produce a comparative : might, no particular class of persons famine, and then these wiseacres will could have gained by the advance; find no less cause to complain of a for the country at large would have bad harvest than they have of a good had the benefit, instead of a few in one. Whether the farmer can derive dividuals of less tender conscience much advantage from having a higher than the rest.

price when he has, at the same time, But some persons will say, is it not less corn to sell, I leave him to detera national calamity to have a paper mine; but there is no doubt that all currency continually increasing in the rest of the community will be amount? To this I answer, it is not sufferers by the undue share of money a calamity to possess abundance of which the purchase of that chief negold and silver in the country, and cessary of life will draw from their why should abundance of paper annual income. money produce such an effect? Be We ought not, I say, to regret cause, they say, it is so liable to de- having an abundant harvest; for, if preciation. Now here lies the great it is not the source of comfort and mistake. Paper is no more liable to peace to every person in the kingdom, depreciation than any other currency the error is in ourselves. As little is. Suppose, for example, that instead should we have cause to deplore an of giving paper money, the Bank of issue of silver coin beyond our usual England had possessed a silver mine, quantity. It is true, that compared and had made all its issues in that with other things which remain the kind of coin, would not silver have same as they were, it is depreciated, been depreciated ? Depreciation is a and we give more shillings for the relative term: it respects some other guinea, and more for the quarter of thing, which is made the standard of wheat; but who can complain of that, value, and in comparison with which seeing that he has more to give, and that article is said to be of diminished that is the very reason why he gives value, which is increased in quantity it: he has first received it in greater while the standard remains the same. abundance before he is called upon Gold is the fittest of all things for a to impart some of that superfluity; standard, by reason of its slowness of and what hardship can there be in increase or decrease, and because, by this? Do you know, Mr. Editor, if common consent, it is considered va- it were not an absurdity almost too luable in almost all parts of the world. great for supposition, I could be Now, compared with gold, corn is tempted to imagine that some of depreciated, when we have an abun- those persons who rail at high prices dant harvest ;-that is, an ounce of think, positively think, that they shall gold will purchase more of it than keep up their receipts to the old when the supply is less. In like amount, while agricultural produce, manner, silver is subject to deprecia- and other articles which are the tion when it increases in the country first to fall in value, will remain while gold remains stationary: and at their present low price. I fear equally, but not more so, paper money many tradesmen are of this way of is depreciated when it exists in great- thinking, and flatter themselves that er abundance at one time than at their prices will not fall in proportion, another.

and so they shall be the richer for

that which is the ruin of the farmer. if I insert here what a very old writer But I need not gravely state to them, says of it: that their fall will be as certain and

The monoyes were established first for as low as that of the farmer; nor is as moche as they had not of all thinges it necessary to tell the landlord, or

necessarye to gydre that one had whete the clergyman, how soon he must | another had wyn | and another cloth or sympathise with the disadvantages other wares | He that had whete had not of that return to low prices which, wyn withoute he chaunged one for another | at first, seems one source of greater and so must they dayly chaunge one for wealth to him, by making his income another ! For to have that they had not appear so much larger in comparison Las they that knew none other mene with his expenditure.

Whan the philosophres sawe this, they I have hitherto considered the de- the lordes somtime regryng | a lytil lyght

dyde so moche that they established wyth preciation as belonging to our sil- thynge which every man myght bere with ver currency; but, though that has him to bye that was nedeful to him, and been increased, and therefore dete behoefful' for his lyf | And so ordeyned by riorated, in a degree, compared with advyse to gydre a thynge whiche was not gold, it is our paper currency which over dere ne holden for over vyle | and has undergone that depreciation from that it were of some valure for to bye and abundance, which it has been so much use wyth all true marchandyse one with the fashion to lament of late. But another l by vertue of such enseygne | and the cases are precisely similar; and, that it were comune over all and in all

maner / And establed thenne a lytil unless I were to repeat what has just been said on the subject of an extra thurgh the world | And by cause it lad

monoye ( which should goo and have cours issue of silver, I could not explain men by the waye and mynystred to them what is the necessary consequence of that was necessarye I it was called monoye ! a larger amount of paper money, nor That is as moche to saye | as to gyve to how little we are injured by that ex a man al that hym behoveth for his lyvyng cess. Prices are, at all times, relative | Monos in grekysh langage is as moche to to the amount of the currency in cir- saye | as one thyng onlý | For thenne was culation. When men could buy an but one maner of monoye in all the world | ox for a guinea, there was not more

But now every man maketh monoye at his than a penny a-day paid to the lac playsir by which they desnoy and goo out bourer. "Increase your currency to

of the waye more than yf ther were but

one coyne only l For by this cause is twenty times the amount, and the price of the ox will be twenty guineas, Thus establisshed not the philosophres

seen ofte plente of diverse monoyes and the wages of the labourer twenty For they establisshed for to save the state pence. I state the matter loosely, of the world | And I saye it for as moche for it requires no nicety. The prin- yf the monoye were out of grotes and pens ciple is without doubt just, and ap- of silver so thenne it shold be of lasse plicable to all payments as well as to weyght and lasse of valewe and that shold those just mentioned. Money will be better for to bere by the waye for poure find its level; and, when you increase folke i and better shold be easid for the the quantity in the country, the prices helpe

of their nedes to their lyvyng | And of all things will advance; when you for the monoyes be not preysed but for

for none other cause it was ordeyned first diminish the amount, they will fall. the gold and sylver that is therin | And In either state, when prices have re- they that establisshed it first made it right gained that level to which they con- lytis and lyght | For the more ease to be tinually tend, men are, in fact, neither born al aboutewhere men wold goo | For richer nor poorer for high or low now in late dayes as in the begynnyng of prices. All this is so obvious to the regne of Kynge Edward and longe every capacity, that I should be after was no monoye curraunt in Englond ashamed to dwell upon it, were it but pens and halfpens and ferthynges! not so much the practice to represent And he ordeyned first the grote and halflow prices as containing in them every grote of sylver I and noble | half noble thing that is desirable; and, on the and ferthynge in golde.-- From Caxton's other hand, to reprobate high prices

Ymage or Mirrour of the World," 1480. as the ruin of the country.

Another old writer tells us, what It may serve to enliven this dull was the case before even this degree topic, and, perhaps, give some useful of currency was in use. information to those who have not In ancient ages of the world, before the much considered the nature of money, invention of money, men were all for bar.

tering of commodities, as Diomedes' armour the rivers ? it would not be a whit was valued at 10 cowes, and Glaucus, more absurd than the Act to prevent his golden armour, at 100. But I read of no money till Abraham paid 400 she- the level of gold. For as the rivers,

our paper currency from rising above kels for a burying place. The old Britons used iron rings and plates for money.

running into the seas, would commu

nicate all our canal water to the The custom of using light pieces of whole world, so the breaking down money was doubtless a great im- the banks of our paper curreney, and provement over the iron rings and rendering it equal with gold, carries plates of the old Britons; and as off to foreign countries all our surgreat is the advantage of paper over plus wealth. In either case the loss metal. For if it was not possible is equally ruinous to us, and not to transact with iron money the bu. much more beneficial to them. siness of this country in 1480, equal.

But not only our canals, our roads, ly impossible I should conceive it to

our internal trade, or civilization, be to represent the immense transac- manners, habits, intellect will retions of our day by a gold currency: trograde with the receding means of Has any body calculated the length the country. of time it will take to make our pay

Having somewhat cleared the ments, merely in the way of count- ground of our subject from general ing gold; the great hazard, and de- error and misconception, I proceed to lay, and labour of carrying it; the examine the particular objections difficulty of conveying small sums which are made to a free paper curfrom one town to another? Why

Tency. The gentleman who first should we be so in love with the im- spoke, accused it of being the great perfection of a cumbrous coin; when

cause of all our calamities. ;6 What we already possess one so far supe- was the disease ? a paper currency." rior in these respects? A gold cur. This is incorrect : a paper currency rency belongs to anuncultivated is not in itself more pernicious than people; all men in our time can read one of gold or silver. But “it was and write, and judge of money by the great circulation of paper which other marks than those of weight formerly prevailed,” that has proand sound :1,"ite und

duced our present distress. Here we So on our heels a fresh perfection treads. come rather nearer the truth than

Besides, if we are to go back to a was perhaps intended. The distress lower state of civilization, why stop is occasioned, not by the great circuat the currency of 1797 ? There is lation, but by the diminution of that no argument used for that day's circulation. 'We have been tampermoney, which would not equally ap- ing with the currency of the country ply to the currency of 1480. But the in the enactment of Mr. Peele's Bill, English are a nation easily alarmed, and have violently affected the value and under any of their panics they of money, and with it all pecuniary will rush into the opposite extreme engagements. A subversion of that of danger.

It would not else be fair principle on which every bargain easy to account for the affection is supposed to be founded has taken shown to a paper currency during place in all existing contracts, which, the war, and for the present extreme if done without the consent or foreaversion to it. Let us hope that a knowledge of the parties, ought to cooler judgment is returning. have vitiated them. In Courts of jus

It would certainly be a ridiculous tice, an equal wrong done to a prispectacle, if it were not so tragical vate person would have been followin its effects, to see our much vaunt- ed by redress, supposing that one of ing John Bull abandon all his glory- the parties knew of or caused that ing about great trade, and public cre- loss for which the other sought a dit, and begin to sweat himself down remedy at law. The taxation of the like a jockey to feather weight, that he country has been increased in amount may ride a race on equal terms with the by the alteration in the value of the Frenchman, when, left to his natural currency, and all those persons who strength and with a fair course, not all are paid out of that taxation the forthe world could match him.-Why mer amount in tale, or number of have we not an Act to prevent canals pieces, so far as each piece is of greater from keeping water above the level of value than was contemplated by those

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