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present profits of the Bank, arising out of its contracts or transactions with the public.

Interest at 5 per cent. on £11,500,000 of public balances held by the Bank since 1806, £575,000, From which deduct for a loan of three millions to the public without interest, saving 5 per cent., which is £150,000; another of six millions, at 4 per cent. saving 1 per cent. £60,000; another of three millions, at 3 per cent. saving 2 per cent. £60,000; and half a million taken from the unclaimed dividends, saving 5 per cent. £25,000; in all £295,000;-leaving to the Bank of England, merely for the safe custody of the public money, a clear profit of £280,000 a-year! The rest of their allowances stand thus: Commission for making transfers and paying dividends on the national debt, £275,000. Commission on loans and lotteries, £30,000. (Both these stated as in 1815.) Annual allowance, since the erection of the Bank, for house expenses, £4000, Annual allowance on four millions of the public debt bought by the Bank in 1722 from the South Sea Company, £1898. If to this we add, for sixteen millions of increase in the circulation of Bank of England paper, since 26th February 1797, an annual profit of 5 per cent. which is £800,000, the gross returns to our national Bank, from its transactions with the state, will be £1,390,898 yearly! *

The effects of this profitable arrangement, which has operated so visibly on that thriving establishment, will be seen to the full conviction of our readers, when we add a statement of the profits realized by Bank proprietors during the last twenty years, reckoning from 1797; from which period, by the increased amount in the public expenditure producing such deposits of money, and the increase of the national debt, and the increased issue of notes, unchecked, until within the last three years, by any motive of prudence, over and above the old ordinary dividend of 7 per cent., there has accrued to that description of persons: In bonuses, and increase of di

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It is only fair to state here a saving of £233,720 per annum, from £11,686,000, advanced to the public from the Bank since 1946, at 3 per cent. interest, being the consideration paid on every renewal of their charter for their exclusive privileges.

vidends, 64 per cent. £7,451,136.* New bank stock, £2,910,600, divided amongst the proprietors in May, 1816, worth 250 per cent, equivalent in money to £7,276,500. Increased value of the capital of £11,642,000, upon an average of 1797 only 125 per cent. but which is now taken at 250, being an increase in the market value of this property of 125 per cent. equivalent to £14,553,000. Thus the total profit, in addition to the annual dividends of 7 per cent, which had never been exceeded during the first hundred years of the Bank's existence, has been, in twenty years, on a capital of £11,642,400, the incredible suin of £29,280,636 !

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We have now put our readers in possession of some striking facts in the history of this celebrated establishment, for almost all of which, at least for those which are most important, we are indebted to the unwearied research and perseverance of the au thor of the Speech before us. That Speech, and the propositions to Parliament on which it is founded, tresolve themselves into three questions. Can the allowances made to the Bank be reduced in their amount, with justice to the Bank, and safety to the public? Can the nation derive farther advantage from the large deposits of money lodged at the Bank? These objects once found practicable and expedient, What would be the most effectual and dignified course to be adopted for securing them ?.

On each of these we shall offer such obvious and simple hints as the stinted limits of our publication will admit. 1st, As to what farther deduction may be made on the allowance for managing the debt, we quote, with deference and satisfaction, from a letter addressed to the Treasury, 18th January 1786, by the commissioners for auditing public accounts. "We take the liberty to suggest (what is indeed very obvious), that the commencement of every undertaking is usually the most expensive; and consequently, when the Bank had once provided additional

* Bonuses distributed among the proprietors betwixt June 1799 and October 1806, 32 per cent. Permanent increase of dividend, at 3 per cent. per annum, commencing in April 1807, is to April 1817, 10 years' dividends, or 314 per cent. To gether, 64 per cent.

+ See No 390, Parl. Pro. Sess. 1815.

clerks, and incurred such other new expenses as might be necessary, the same persons and accommodations (or nearly the same) would be sufficient to transact the payment of the dividends on several additional millions, without much increase of charges of management. We believe that most other contractors have found, that a moderate sum gained on a large quantity of any commodity generally produces a greater profit than a higher price on a less quantity: therefore, if £360 was a sufficient allowance when annuities on a capital of one million only were created, it should seem that the Bank could well undertake the like service at a much lower rate, not only when the public necessities have unfortunately increased the capital of the national debt to the enormous load of two hundred millions, but also when the consolidation of a variety of annuities must have lessened both the trouble and expense attending the management thereof." The Bank has incurred, within the last twenty years, a very great expense for additional hands, and more accommodation to the public business; and no one can deny that it is executed unexceptionably well. But these views of the committee are still applicable as principles. The allowance of £4000 for house expenses was strongly adverted to for discontinuance, in the end of 1807, by Mr Perceval, in his correspondence with the Bank at that time. The same reasons exist now; and indeed, the authority of that very acute and able man is sufficient to those who know, that if his leisure from the multifarious calls of state had permitted him to turn a full attention to the affairs of the Bank, he would have insisted on a thorough sifting and revision of their bargains. The allow ance for the debt purchased of the South Sea Company, is one which ought to cease instantly, on the plain ground, that all management on it has ceased since 1722. 2dly, The deposits of public money lying at the Bank are just so many millions of capital taken from the productive labour and productive capital of the country, where they might at least be useful, and lodged with a great corporation whose trade is money, and to whom they

That truly "enormous load" is now nearly 860 millions!

must be of the highest value. It is to them so much added to their ordinary capital, without much of the risk or responsibility to which their floating obligations subject them. For every thousand of this money in their hands, they are enabled to discount so many more bills, or issue so many more notes. The public service ought instantly to be benefitted by them, if the usury laws are repealed, to an amount according to what may be the average rate of interest for money throughout the country. 3dly, Mr Grenfell recommends that Parliament should interfere to make a new arrangement for the public; assigning as a reason, that the influence" which, though all powerful, irresistible in Downing Street, would be impotent and unavailing within the walls of the House." "Is not," says he, with the same animation which we spoke of before,-" Is not your whole financial history, during the last twenty years, filled with proofs of this influence? It is then in this House, and through the medium of this House only, that the interests and rights of the public can be secured in all negotiations of this nature with the Bank; and I repeat it, if the House of Commons will interfere, my conviction is, that the Bank will not resist. If, however, I should be disappointed in this expectation,-and if the Bank, unmindful of what it owes to the public, forgetting that it has duties to perform towards the public, as well as within the limited circle of its own proprie tors,-I will go farther, and, as a proprietor of bank stock myself, add, that if the Bank, taking a narrow, contracted, selfish, and therefore mistaken view of its own real permanent interests, should resist regulations founded in fairness, equity, and justice,-in such a state of things, sir, I say it must be a consolation to us to know, and I assert it confidently, that we have a remedy within our own reach." p. 60. As to the profits accruing from the paper circulation of the Bank, of which we hope the country will continue to enjoy the advantages, under due modifications,* Mr Ricardo is of

* We hope to be able to announce very soon, from the pen of one of the ablest eco

nomists of our time, an Essay, shewing that a large coinage of gold would be a fixation of capital, and therefore hurtful to the state. For the happiest idea that ever was conceived, of a currency liable to no variations

opinion, that paper money affords a seignorage equal to its exchangeable value; and he also believes that the nation might gain two millions yearly, if it were the sole issuer of paper money. He wisely adds, that this would only be safe under the guidance of "commissioners responsible to Parliament only." Mr Grenfell's recommendation of parliamentary interference is good. That is, indeed, the truly constitutional mode. Every exertion of the kind is so much gained towards ensuring a considerate use of the public treasure, and a strict control over it in future, as matter of duty and honest emulation, on the part of those who have been recognised, since the Revolution, as its guardians.

We have now gone over the principal matters of these questions. For the rest we refer to Mr Grenfell, who has invested the subject with attractions of manner to which we cannot aspire. To his interference in the business this country is indebted for a saving of £180,000 yearly, a thing of greater importance than those who are occupied with the taking but doubtful schemes of a more extended patriotism could be easily led to acknowledge. Nice calculations of political arithmetic, however, and even the most refined inquiries of political economy, come now, with direct force, to the ordinary business and interests of all those who have, in common parlance, a stake in the country; and we might even add, to those also who have nothing but life and liberty to care for, and whose interest in the cause of good government is the ultimate and the extreme.

We know, from the very best authority, that Lord Grenville, much to the credit of his sense and candour, has recently taken blame to himself for not looking narrowly enough into the affairs of the Bank in 1806-7, when he was at the head of the Treasury, and Mr Vansittart secretary under him. The truth is, we believe, that ministers only overlooked this subject

except such as affect the standard itself, we refer to the novel, solid, and ingenious reasons urged in Mr Ricardo's Proposals. There also the reader will find the practical developement of this fortunate conception made out with uncommon closeness, clear, ness, and simplicity.

during the occupation of mind so naturally produced by the vast concerns of the war. The author of these discussions, to whom all the merit is due, and who might be excused for any partiality to his own inquiries, or ardour in the pursuit of their objects, shews exemplary moderation. He has taken them up without violence or faction, but with the urbanity and decision of an English gentleman. He has not over-estimated their importance; and his statements are remarkable for perspicuity and plainness, without the least shade of laboured comment or ostentatious deduction. He deals not in splendid generalizations, nor in well-turned invectives ad captandum vulgus. We entreat the early attention of our readers to the Speech itself, and to the Appendix, in which they will find a variety of essential statement and explanation, for which we could not possibly make room.

Mr Grenfell was a member of the bullion committee, and enjoyed the friendship of Mr Horner. In a letter written lately to a correspondent in this place, he says, "the sanction of his great authority, and his unvaried countenance and approbation of my humble exertions in this cause, inspired me with a confidence as to the correctness of my own views, which has been most essential to me." We knew, ourselves, enough of that most excellent person, to perceive that this is a great deal for any man to say. The privileges and advantages which it implies can only be equalled by intercourse with one of the most original and inventive writers on political economy since the time of Adam Smith; whose speculations on the great subjects of human interest with which that science is especially connected, have much of the strictness and severity of mathematical demonstration; and who bids fair to give to its most practical deductions more shape and certainty than they have received from any writer of his day.

• Mr Ricardo, who is the friend of Mr Grenfell, seconded his resolutions proposed to the Court of Proprietors at the Bank, 23d May 1816, and speaks with respect of his exertions for the public. See Proposals for an Economical and Secure Currency, P. 42.

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THE Life of William Hutton ought to obtain a place next to the Memoirs of Dr Franklin, in the libraries of all aspiring young men who are entering upon business, or active life. If they find nothing very elegant in the composition of these volumes, very skilful in the arrangement of the incidents, or very great and striking in the incidents themselves,-they will be pleased and edified by the simple picture of human life which is there delineated, the characters of truth and nature which are impressed on every line, and, above all, by the animating confirmation which it affords of a truth very generally acknowledged, and almost as generally neglected, that there is scarcely an obstacle placed in the path to independence and respectability, which may not be surmounted by honesty, economy, and perseverance.

The narrative is simple, perhaps to a fault, but always assumes an earnest or playful tone, with the most judicious conformity to the importance or frivolity of the incidents related. The author attempts to interest his readers by no complicated manoeuvres, no political intrigues, no marvellous adventures; he gives them the unadorned history of his own struggles up a mountain of difficulties, yet the cir [cumstances in which he is placed are sometimes so uncommon, as to appear almost incredible. The mode in which he ushered himself into life, is perhaps unparalleled in the annals of biography. We were particularly delighted with the sly humour which characterizes his remarks on the transactions of his juvenile years, and which presents the interesting picture of an old man, looking back with pleasure on the years of childhood, yet regarding the foibles and frivolities of that light-hearted age with a mixture of complacency and derision. While he describes the years of youth and vanity, his sarcastic humour and self-gratulation still blend in happy unison with his theme. In old age, again, we find him represented with all the VOL. I.

gravity, and many of the absurdities which accompany the decline of life. He is serious, egotistical, and vain,-never absolutely tedious; for his sentences are short, and his reasoning obvious, pointed, and at least, in his own opinion, quite conclusive.

We cannot make room for long extracts, but the character of Phebe Brown, as recorded by Mr Hutton, accords so well with some other characters already described in our miscellany, that we cannot resist the temptation of transcribing it at full length.

"But the greatest wonder I saw was Phebe Brown. in height, is about thirty, well proportionShe was five feet six inches ed, round faced, and ruddy, has a dark penetrating eye, which, the moment it fixes upon your face, sees your character, and that with precision. Her step (pardon the Irishism) is more manly than a man's, and can cover forty miles a-day. Her common dress is a man's hat, coat, with a spencer married, I believe she is a stranger to over it, and men's shoes. As she is un

breeches.

"She can lift one hundred weight in each hand, and carry fourteen score; can sew, knit, cook, and spin, but hates them all; and every accompaniment to the female character, that of modesty excepted., A gentleman at the New Bath had recently have knocked him down.' She assured me, treated her rudely, She had a good mind to

she never knew what fear was.' She gives no affront, but offers to fight any man who gives her one. If she never has fought, perhaps it is owing to the insulter having been a coward, for the man of courage

would disdain to offer an insult to a female.

"Phebe has strong sense, an excellent judgment, says smart things, and supports an easy freedom in all companies. Her voice is more than masculine, it is deep toned. With the wind in her favour, she can send it a mile; she has neither beard nor prominence of breast; she undertakes any kind of manual labour, as holding the plough, driving a team, thatching the barn, using the flail, &c. ; but her chief avocation is breaking horses, for which she charges a guinea a-week each. She always rides without a saddle,-is thought to be the best

judge of a horse or cow in the country, and is frequently employed to purchase for others at the neighbouring fairs.

"She is fond of Milton, Pope, and Shakespeare, also of music; is self-taught, and performs on several instruments, as the flute, violin, and harpsichord, and supports the bass-viol in Mallock church. She is shoulder. She eats no beef or pork, and a marks-woman, and carries a gun on her but little mutton.. Her chief food is milk, which is also her drink, discarding wine, ale, and spirits."

3 G

One quality distinguishes this memoir, which, in a work of fiction, would be an unpardonable fault; but which seems almost inseparable from biography, written by the subject of it himself, from recollection. It adverts constantly to the future, so that the reader, prepared for every event before it occurs, hears it without surprise, and of course without much interest.

Upon the whole, we have perused these volumes with much satisfaction. The man who had a perfect recollection of the incidents of every day for the long space of ninety years, must have been such a living chronicle as shall rarely be seen again. He had beheld whole generations fade away from the face of the earth, and his early and intimate acquaintance for gotten as if they had never been.

Comparative View of the British and American Constitutions; with Observations on the present State of British Politics, and of the probable consequences of introducing into Great Britain the mode of suffrage that exists in the United States; by a Gentleman some years resident in the United States. 8vo. Edinburgh, Ballantyne.

THIS Pamphlet is not well calculated for circulation; it is by much too heavy. It is considerably heavier even than the author's former production, "A View of the State of Parties in America." That essay could not be made to circulate, it was, "by its own weight, immoveable and stedfast." The few copies that were carried off by main force from the shop of the bookseller (in that case erroneously styled the publisher), on being removed to the houses of the several purchasers, immediately assumed a determined character, and became fixtures. Indeed, we recollect a case in which the pamphlet was considered in that light, and, along with articles of a similar kind, transferred to the purchaser of a new tenement along with the tenement itself, where it remains to the present hour, "like Teneriffe or Atlas, unremoved."

The violence of the effort to create circulation was proportioned to the weight of the object. But nothing uld overcome the "Vis inertia.

Long after its burial in the dust of oblivion, advertisements of its existence continued to infest the public prints. We believe the intention to have been good, though such behavi our on the part of the bookseller had the appearance of scorn and mockery. There is, however, in the public mind, a generous and humane feeling, which rises up indignantly against any attempt, real or apparent, to disturb the ashes of the dead. This was most strikingly exemplified on the death of that pamphlet. The whole affair was hushed up, and, in an incredibly short time, the offence was forgotten among the other enormities of the day.

There was, in truth, something rather affecting in the "simple annals of its history. Its conception was, no doubt, accomplished by severe and arduous efforts, and its birth attended with " difficulty and labour hard;" but no sooner had it beheld the light of day, and breathed the air of heaven, than, like those mysterious animals, which, it is said, have been dug out of solid rocks from the bowels of the earth, all symptoms of life and animation fled for ever, and it sunk into the incommunicable sleep of death, from which all subsequent endeavours to rouse it have proved vain and profitless. It was consigned to the grave the same blue covering in which it was ushered into the world, and “ its name shall be its monument alone."

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Indeed, but for those injudicious advertisements before alluded to, its parturition and funeral rites might have been contemporaneous, and it would have passed through this world of care and sorrow without spot, and blameless," alike unknowing and unknown." But notwithstanding the impertinent interference of the newspapers, in a matter which was intended to be entirely confidential between the author and the public, the latter, it must be confessed, behaved with unusual delicacy and honour; the secrets which had been confided to it it faithfully kept, and no further notice was taken of the matter.

But if, as we have already stated, the weight of that pamphlet rendered it unpublishable" either by moral or physical strength," how can this one, which is certainly heavier, be supposed capable of publication? No author has a right to request impossibilities of his bookseller. Mr John Ballantyne may

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