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ment of 15 millions per ann. might subject the holders of stock to serious hardships; though we have unfortunately witnessed, for a considerable period, as large a sum borrowed annually, without occasioning much inconvenience. In 1733, Sir Robert Walpole reckoned one million annually to be as much as the creditors of the public could bear to receive: but this was after a peace of twenty years; and it is not perhaps exaggeration to say that ten millions would be more easily absorbed at present. After all, it is not probable that, the wants of Government will ever allow the operation of the Sinking Fund to mount so high; and, as long as the recurrence of wars shall be thus frequent, the creditors of the public, if they but continue to receive the annual dividends, may dismiss all apprehensions of having their capital tendered back. The Sinking Fund might certainly prove advantageous as a political measure: but, in the hands of lavish and impetuous ministers, it becomes a most dangerous engine. It casts a deceptive glare around it, and has a tendency to facilitate the pernicious practice of borrowing, by which it tempts the nation to waste her energies in wild and fruitless projects of interminable war

fare.

Nothing, indeed, can be more absurd, than the golden dreams with which Parliament and the nation have been amused, through the medium of the calculations that have been formed on this subject. Perhaps it may with reason be thought, that nothing could be more unfortunate than the faith that seems to be reposed in them.

For though the Sinking Fund, the offspring of this delusion, never can, without ruining the country, be accumulated to an amount equal to the debt of the nation, yet its existence has greatly facilitated the contracting of debt; that is, it has enabled those who had the management of the Government more completely to derange the natural and most advantageous distribution of the property of the country; -that distribution, which, giving to the possessor the greatest real interest in the property he has to manage, affords the greatest encouragement to those exertions of industry in the conduct of it, which alike benefit the proprietor and the public.'

If ever peace shall revisit these lands, and the Sinking Fund. should not be swallowed up in the pressing exigencies of the state, perhaps it would be a preferable mode, instead of employing it then in buying up stock, to lend it out as much as possible on mortgage and good securities; since it would in this way be more productive, and consequently operate with greater effect. A more essential benefit, however, would thence accrue to the public, as it might serve to check the passion of plunging headlong into war, by setting the country gentlemen to oppose the clamour of the money-holders, who have a manifest interest to promote every scheme that will

create

create a demand for capital: because the former, who would constitute the principal borrowers, must foresee the probability of being speedily called to repay the loan, that it might be more advantageously invested in stock.

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Every one who turns his thoughts to matters of finance is astonished to see, during war, with what ease a minister of this country can from year to year borrow those vast sums which have lately been obtained, while no such overflowing accumulation of capital is perceived in times of peace. It is true that new channels are then opened for productive industry but this reason appears insufficient to account for the fact, and perhaps the real cause lies deeper. In time of war, the progressive imposition of taxes incessantly reminds the consumer to husband his resources, and the high rate of interest tempts him to save annually a portion of his income for the purpose of converting it into capital. Thus, by a most beautiful moral balance, the frugality of the individual not only tends to repair the waste of the public wealth, but is actually, in a great measure, excited and produced by that very profusion. Modern war, therefore, however pernicious in its effects, is not quite so destructive as some desponding politicians would represent.

The last chapter treats of the means of augmenting wealth, and the causes that regulate its increase; and here we are in general disposed to approve the opinions and remarks of the noble author. He states that wealth, except what is derived from the ocean, can only be increased by labour, whether personal or performed by capital'-in short, by agriculture and manufactures. He cites a remarkable passage from Xenophon's Cyropædia, to shew that the antients were acquainted with the advantages resulting from the subdivision of labour; and he proves that Dr. Smith, who laid so much stress on it, has greatly over-rated the importance of such arrangements. In almost every manufacture, the subdivision of labour seems to be of far less consequence than the introduction of machinery,-the offspring of skill and contrivance. Some of the most essential arts of life will scarcely admit of subdivision: but the application of tools and instruments always prodigiously facilitates and augments the powers of labour.-The state of society, or the nature and degree of demand, must determine the sorts of industry which are exercised in every country; and no legislative interference can either profitably or effectually divert them from their proper channels. In spite of all the bounties paid for the curing of herrings in this kingdom, they must ever be inferior to those prepared by the Dutch; since, instead of adding to the luxuri s of a German table, they are sent to feed our negroes in the West In

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dies. America affords a vent for the coarser kinds of manufactures: but to India we can export only a few articles of jewellery, and pieces of curious mechanism intended for the native princes; the great mass of the people being too wretched to desire the acquisition of European commodities. In England, we find ease and comfort tolerably diffused, frequently the appearance of expence, and seldom much of elegance; in France, on the contrary, we look in vain for general neatness, but we are occassionally struck with the display of taste, magnificence, and splendour.-Though commerce, being the mere exchange of articles, does not positively add to the wealth of the state, it has yet a beneficial tendency; since it gives a spur to activity, and serves to procure the several advantages which belong to different soils, climates, and conditions of society. All restrictions on trade must be regarded as highly injudicious and impolitic; and it is indeed very remarkable that philosophical writers, with scarcely a single exception, and by whatever road they proceeded, have uniformly arrived at the same conclusion. This liberal maxim should be continually sounded in the ears of those who direct the affairs of nations; and it is much to be lamented that governments have been so long deceived by ignorance, and misled by prejudice or by partial and interested representations.

The Appendix, which occupies 114 pages, contains a number of curious and interesting documents. They consist mostly of extracts from the writings of the Economists-the testament of Fortuné Ricard-calculations on the Sinking Fund-observations on the commercial treaty with Franceremarks on French agriculture-difference between the quantity of food produced under the grazing system and that of tillage-and lastly, an estimate of the superior husbandry practised in the rich trect of the Carse of Gowrie in Scotland.

The volume is rather incorrectly printed, especially where figures are concerned. In page 51, the table is hardly intelligible, on account of the decimal point being misplaced. We might also remark some inaccurate modes of expression,if, respecting a work of this nature, it would not appear to be hypercriticism. In concluding, we must remark that Lord Lauderdale has given to his subject a novel cast; that he has discovered no ordinary abilities in the contexture of the discourse; and that, if his arguments do not always produce conviction on the mind, they will seldom fail to surprize and perplex. Amid any seeming obscurity of ideas, the attentive reader will yet discover depth of thought and extent of observation; and the singularity of the opinions sometimes advanced must provoke discussion, and therefore eventually contribute to the advance

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ment of political science.-The noble author justly observes that the great source of error, in such abstract disquisitions, proceeds from the vague and popular meaning of the words necessarily employed: yet we have seldom found much benefit arise from formal definitions, because the writer is extremely apt to forget the restricted sense with which he had set out, and insensibly to admit, in the course of his reasonings, a much wider latitude, which consequently must involve him in paralogisms. We believe, however, that the main cause of mistake, in questions of political economy, originates in the incautious use of figurative language, which ascribes agency to mère instruments and accessories. The word capital has, almost throughout this book, a signification highly metapho

rical.

A prefixed Advertisement acquaints us that Lord Lauderdale's original intention was to print, at the same time, a second work on the Legislation of Commerce and Finance : but that, on farther reflection, he resolved to pause, and wait the decision of the public. In taking this step, we think that his lordship has acted wisely; and he will probably in the meantime revise and improve his ideas, that he may come forwards again with greater efficacy.-The present volume is dedicated to the Prince of Wales.

THE

Les..e.

ART. X. The Swiss Emigrants; A Tale. 12mo. PP. 126.
4s. Boards. Longman and Rees. 1804.
HE object of this well-told tale is at once to set forth the
happiness which may be derived from the practice of be-
neficence in an humble and obscure sphere, and to exhibit a
moving picture of the misery of which war is productive.
The author does not favour us with the name of his hero, and
therefore in speaking of him we shall denominate him Ignotus.
We learn that this personage had spent his younger days in
the army: that, on quitting the service, he married; and that
the lovely partner of his joys lived only long enough to present
him with a daughter. About the same time, misfortunes of
another kind overtake him, which leave him so much reduced
in circumstances, as not to be able to support the rank in
which he had before appeared. He therefore quits the gaiety
of a town life, and retires to Langen, a romantic village in
the mountainous parts of the Canton of Berne; where, living
on a competence, he employs himself in ameliorating the con-
dition of its rude inhabitants, and in educating his child. His
efforts are long attended with little success, but still he per-

severes.

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severes. In time, Julia grows up, beautiful and accomplished, and is adored by the villagers. Under her fostering hand, the seeds sown by her father are rapidly matured. None resist the admonitions of Julia; the manners of the rustics are softened, their morals are improved, their comforts are increased, they become superior and happier beings. Meiners, a promising youth, living in a neighbouring town, had long visited in the family of Ignotus, who respected and loved him; and he at length declares himself the admirer of Julia. The match is approved on all sides: but at the meeting in which the period for the union of the lovers was fixed, the rumour of an approaching rupture between Helvetia and France is announced, and diffuses a temporary gloom over each countenance; though time, and a willing scepticism, concur to dissipate the alarm. Shortly afterward, Meiners re-appears, and confirms the sad intelligence, adding that hostilities had actually begun. Not a moment was now to be lost. The Langenites obey the call of Ignotus; under whose command, accompanied by Meiners, they set out for the field of honor. The tender-hearted Julia bids a heavy farewell to her parent and her lover: but she acts on the trying occasion in a manner worthy of herself, and submits with alacrity to the cruel separation which distracts her soul. The Langenites join the Bernese army just in time to engage in the bloody action that was to decide the fate of their common country; and the ingenuousness and firmness visible in their countenances induce the commander in chief to assign them a post of consequence. In the day of battle, they make a glorious stand against superior numbers and superior discipline united, but are finally mown down by the dreadful flying artillery of the enemy. Few of the brave Langenites survive the fatal day, Meiners is killed, and Ignotus is wounded dangerously, but not mortally; while Julia and those who had staid behind at Langen are obliged precipitately to fly, and to seek refuge at Coire. Ignotus, being in some degree recovered, is set at liberty, and allowed to proceed to the town which contains his Julia. He hears her welcome voice, and his eyes behold his beloved daughter: but alas! her faded form, and her pale and emaciated countenance, announce that she is in a deep decline. For a few short months, this unfortunate parent enjoys the society of his angelic child; each day of which only gave fresh and more clear notice of the cruel privation which he must speedily undergo. The hours of increasing melancholy soon pass over; the soul of Julia joins that of her lover; and to Ignotus are left the mournful reflec tions which he thus expresses:

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