THE UNIVERSITY OF ILLINOIS LIBRARY 332 3S7 5 Siill:^>i- THE TRUE STATE THE BRITISH NATION, AS TO TRADE, COMMERCE, &c. CLEARLY POURTRAYED t AND NEW, ELIGIBLE AND EXTRAORDINARY PLANS PROPOSED ; WHEREBT THE WHOLE OF THE NATIOXAL DEBT MAYBE SPEEDILY LIQUIDATED, WITHOUT THROWING ANY ADDITIONAL BURDEN ON THE COMMUNITY, OR INJURING THE PUBLIC CREDITORS; WHICH OF COURSE WOULD . CAUSE THE REMOVAL OR HAPPY CESSATION OF NEARLY THE WHOLE OF THE TAXES, DUTIES, EXCISE, &c. AND, AT THE SAME TIME, CREATE A PLENTIFUL CIRCULATION OF MONEY, AND A SUCCESSFUL CHANCE OF COMPETITION IN FOREIGN MARKETS: CONSEQUENTLY, THE REVIVAL OF OUR TRADE AND COMMERCE, WITH AN ABUNDANCE OF EMPLOYMENT FOR OUR INCREASING POPULATION, AND A COMPLETE RENOVATION OF OUR FINANCES. By I. H. REDDELL, Esq. Member of the Society for the Encouragement of Arts, Manufactures and Commerce, &c. &c. &c. LONDON: Piiutctl for J. J. Stockdale, Pall Mall, and Sherwood, !^teLV, and Jones, Paternoster Row.— 181 7. Printed by Cox and BayliJ, Ko. 74i Great Queen Street, Lincoln's-lnn-Fields. PREFACE. The author of the following pages has dili- gently observed the progress of the mechanic arts, and of trade and commerce in general, nearly half a century : and, from a close at- tention to causes and effects, regularly noted down, during the greatest part of that period, is enabled, from actual experience, to form as correct a judgment of those matters as most people now living j and sorry he is to say, that we have no well grounded reason to hope or expect, that trade will ever flourish again in this country, unless the legislature, by a grand stroke of policy, completely alters the basis of our commercial relations, for the purpose of restoring our energies. On mature deliberation, A 2 he IV PREFACE. he has devised, and begs leave in the following pages, to recommend some new and important plans, which he has no doubt would effectually remove our daily increasing embarrassments; but, as new plans are in general viewed with a considerable degree of prejudice, he earnestly begs the candid reader will bear in mind, not only the difficulties we are labouring under, but the distress we may ultimately expect, if strong and judicious measures are not speedily adopted to prevent them. CONTENTS. Page The distress occasioned by the stagnation of trade, and the pro- priety of adopting judicious remedies 1 Commercial depression improperly attributed to the sudden transi- tion from war to peace 2 The high nominal value of our property and productions the princi- pal cause ; as other nations can afford to make and sell their goods so much below us 4 Reasons assigned for the necessity of being enabled to build and na- vigate our ships, and manufacture our goods as cheap as foreigners 6 The propriety of reducing the nominal value of every article and pe- cuniary consideration (except gold and silver) to a par with other manufacturing countries ; as it would reduce the national debt in the like proportion, and give us a fair chance of successful compe- tition in foreign markets 11 A National Bank proposed, with a suitable circulating medium to pay off the remaining part of the National Debt ; and, in justice to the commimity, no other circulating medium to be permitted. ... 12 Arguments to prove, that none would be losers (but all greatly bene- fited) by the proposed reduction of the ideal, or nominal, value of oiu- property, &c * 10 . General observations relative to the present Bank, and the proposed National Bank 33 A safe, cheap, and simple^mode to enable persons to take up money at legal interest on their property, to suit their convenience, might be adopted , , , ••••«• 36 VI CONTENTS. Page Sundry plans recommended to prevent the forgery of bank notes. . 40 An account of the number of persons prosecuted for forging, uttering, and having in their possession forged notes of the Bank of England 40 General observations relative to the trade and commerce of this country ; its state fifty years since 42 Eminent characters who greatly promoted it 44 The wonderful effect produced by the improvement on Steam En- gines 45 An account of the progress of the cotton trade 46 Steam Boats invented by the author of the present work ' 46 A new and infinitely superior plan discovered, which is eligibly calcu- lated to impel vessels or ships of any burden, against the wind, or in any direction required, oh principles comptetely sea-worthy ; and likewise a new, cheap, and suitable method of moving boats with facility on inland canals without the aid of horses 48 A petition presented to the Honoiu-able the House of Commons last sessions, for leave to bring in a bill to establish a company under the title of the Good Hope Company, to bring forwards the afore- mentioned plans, but postponed till money was more plentiful. ... 48 An account of sundry matters adopted in America, which were also invented by the author 49 The pi-opriety of ascertaining and properly encouraging plans and in- ventions of real merit 49 A new and greatly superior method of saving ship-wrecked mariners 49 The impropriety of suffering our specifications of patents, and all oiu: ingenious plans and discoveries, to be published for the informa- tion of our rivals abroad, &c 50 General observations relative to the rapid progress of the mechanic arts in foreign countries 52 Encouragement held out by foreigners to induce English manufactu- rers to emigrate. Offers made to the author from several coun- tries 52 Observations relative to a patent recently obtained by the author for improvements in Gas Lights, and the workmen being enticed abroad, &c • > • • t ^^ CONTENTS, Til Page Time requisite to establish maDufactories in any suitable country. . 54 Encouragement and policy of the Empress Catherine to promote the mechanic arts, and the progress made by the Russians therein 55 Great establishments and progress of the Prussians in every line of business 5G Goods sent to France previous to the Revolution. Perfection of their luauufactories, and excessive cheapness of their articles in com- parison with our own 57 Zeal manifested by the Americans with regard to trade, their pro- gress therein, the great inducement of emigration to that coun- try 57 Their excellence in iron articles 58 General observations relative to our agricultural concerns, &c. . . . 60 Our great demand on foreign countries for grain, extracts from the reports of the Lords' Committees, appointed to enquire into the state of the grawth, commerce, and consumption of grain, and all laws relating thereto GO Numbers of quarters imported and expoited, in the twenty years previous to 1814 CI Increase of population, encouragement requisite to induce farmers to cultivate tlieir land. Tlie evils and discouraging impediments they meet with 62 Foreigners by a duty, &c. regulate the price of their corn by the Loudon Market, extract from Report of the Select Committee of the House of Commons 64 The importance of removing the necessity of importation "8 Recent decline of agriculture in this country, land untenanted, dis- tress of the farmers, their complaints 79 Public granaries established in Prussia by Frederick the Great .... 80 Their adoption particularly recommended in this country, with inti- mations relative to a mode of regulating them 83 A General Inclosure Bill with a clause to authorize the formation of companies for agricultural purposes with suitable powers and re- gulations, considered necessary to render us independaut of fo- reign supplies, and promote the public welfare. , , ; 85 VUI CONTENTS. Pagt Fluctuatiug stateof our markets ; tonnage on corn considered injudi- cious ; unequal price of our bread ; necessity of regulating it ; the fallacy of our present system in depending on foreign supplies.. 86 Military agriculturists recommended to cultivate our Settlements in America, &c 88 The propriety of granting land, with a suitable charter to a com- pany or companies for that purpose 92 Tithes, complaints against them, &c 93 Pauperism, its increase, pressure of poor's rates, &c 94 Pamphlet published by the author of the present work, relative to the poor, its title, plans, &c 94 A General Annuity Society of a liberal nature particularly recom- mended, extracts from the said pamphlet 96 Difference between the Provident Annuity Society and the Bank for Savings, propriety of uniting them 103 Improvement in the window tax suggested, which would be more satisfactory to the public and beneficial to the state 104 Concluding remarks ; loss of our trade accounted for ; preference given to foreign manufactured articles 107 Further arguments to prove the absolute necessity of a great re- duction iu our fictitious valuations 109 Equalizing export duties proposed, &c. &c 110 ^x* IV ,^ ^ \ i5^l'^^-^'?$=5^^ UM?VCfT«? -V OF ILUNOiS TRUE STATE OF THE BRITISH NATION, It is evident that an immense number of peo- ple are involved in the greatest distress, through the stagnation of trade, which at present pre- vails, and as the effects of it are or will be severely felt, by all ranks of society, it certainly behoves us most seriously to endeavour to ascertain tl.c true state of all matters, therewith connected, and, if possible, to devise remedies. Many have attributed our present commer- cial depression, to the change in the condition of the different nations, from a state of warfare) to that of peace, and have entertained an idea, that when the channels of trade are once regu- larly opened, it will revive, in the manner we B have liave experienced at the close of former wars, but the circumstances of the times are greatly altered, as other nations are now able to manu- facture goods, not only as well, but from 10 to 75 per cent, cheaper, than it is possible for them to be made in this country. It therefore is evident that such persons wonderfully deceive themselves, in supposing any length of time will improve our situation in that respect, or that trade will ever find its level again, under existing circumstances, as our embarrassipents will increase just in proportion as other nations become more capable of supplying foreign m^Tr kets so infinitely below us ; the ultimate result of which must be, the total exclusion of our arti- cles from those markets. The peculiar events of the late war, induced them to form numerous establishments in almost every line of business, though at times their proceedings were paralized. The command of the Ocean certainly gave us many advantages, during that period ; but as their exertions ai:e now redoubled, and the Ocean is free, we shall seriously feel the effect j more especially as the same same reasons which enable them to make tlieir goods so much cheaper than us, will also enable them to build and navigate their vessels on similar terms; which not only strike5'deeply at the root of our transit concerns, and commerce in general, but perhaps also at our indepen- dance. From the nations that are chained by tyranny, bigotry, or superstition, we have little to fear ; but the Americans and several of the European powers, have now fairly started as competitors, and with the great advantages they possess, from the cheapness of provisions, workmen's wages, &c. will soon be enabled to distance usj nnless timely prevented by the adoption of judicious measures. The immense sums raised annually during the war and circulated through all branches of the community kept us moving with a constantly increasing burden ; but part of that circulation being suddenly stopped by the peace, we now feel its immense pressure and its ruinous effect on our trade. It cannot be expected that our nobility and gentry have a sufficient knowledge of the u t2 mechanic mechanic arts, to enable them to form a correct judgment, as to the time requisite to establish them in any suitable part of the world, or of their vast importance to a commercial country ; therefore by some they may be treated lightly, though in reality of the highest importance. As trade and commerce have been the grand support or primary cause of our present elevated station, amongst the different kingdoms and states, they must be encouraged by all possible means, or we shall soon lose that station. If we strictly examine with unbiassed judgment the present situation of our affairs, it will enable us clearly to discover, that it is not only the pressure of the taxes, but more particularly the high nominal value of every article of life (so far above other nations), which now cramp, and will soon ruin our foreign trade. About fifty years since the rent and price of land, and all the common necessaries of life, were but little more than a fourth part of what they have been of late years, and the present average price of them on the Continent, is about the same as ours was at that period j a combination of cir« cumstances cumstances has raiseil the nominal value with us far above the general standard of other countries : — not that we are become richer, but in reahty mncli poorer, as to the precious metals, or universal medium. The merchant procures his goods from the master manufacturer; he procures them from the people he employs ; and they of course must have a sufficient price for their labour to enable them to live j consequently, the price of our articles must be somewhat in proportion to the price of the necessaries of life. How then can we expect to be successful competitors in foreign markets, with rival nations, or be able to check their progress in the mechanic arts, unless we reduce by equitable means the nomi- nal value of matters in general ? It is unnecessary for me to urge the propriety of economy in every department of the State, as so mucli has been said by others on that sub- ject. Experience as well as prudence plainly tells us that it is always best to act on those principles, and at the present juncture it would be be highly gratifying to the pubUc. But consi- dering our immense debts and expenditure, the saving of a million or two per annum 'would not, nor cannot, restore to us such a portion of our trade, as in the present state of things is abso- lutely necessary : — something more effectual must be done before it is too late, or the direfid consequences (by every judicious person on mature reflection) may be readily anticipated. We must be enabled by some means or other to manufacture our goods, and navigate the Ocean, at as cheap a rate as foreigners. Nothing short of this will replace us in a flourishing condition, and enable us to exercise with advantage the perseverance and ingenuity we possess. Those who admit the truth of these argu- ments, may be led to suppose that no practical method can be devised (circumstanced as we now are) that would enable us with justice and propriety to accomplish such desirable purposes. But impracticable as it may appear, Herculean as the task may seem, it still is possible to re- move the difficulties we are now labouring under, under, by means of plans wliich would be simple in tlieir execution as well as salutary in tbcir effect. If we should lose tlie great bulk of our foreign trade, and were so unfortunate as to have bad crops for a year or two (as this country has not for many years grown corn enough for its sup- port, and our population rapidly increases) ; where, in such case, must the money come from to buy corn ? We could not expect that they would receive our paper abroad, if they were conscious that it never would be paid : — and with a declining trade, and proportionable in- creasing pressure of the levies, taxes, &c., is there any probability of our land being culti- vated to the best advantage? Famine, there- fare (and perhaps at no very distant period) may be amongst the evils which stare us in the face. I know of but two methods of procuring foreign corn — tluit is to say, trade to barter, or money to buy : and as gold and silver are not the produce of this country, we can only obtaii* those precious metals by means of trade. " There 8 " There is a tide in the affairs of" nations as well as individuals ; and we should look to the examples in history, as to the effect which trade and commerce had on various nations, repub- lics, and states ; and observe their advances to meridian glory, decline, and downfall — and take warning. Did we ever read of any nation or people so burdened with debts and taxes as we are? or any whose common necessaries of life were generally at so high a price, as ours have been of late years ? I therefore beg leave plainly to ask, if there is even the shadow of a hope that matters will go on smoothly, or with any toler- able degree of comfort, if the present system is adhered to, as our trade and commerce is crippled, and the great bulk of our labourers and mechanics deprived of the means of gaining a subsistence ? If we thus proceed from bad to worse, and our finances become still more and more deranged, by what means coald another war be supported, should any event render it necessary? To mag- nify iiify our dangers, with a view of exciting de- spondency, would be highly blameable ; and to remain at ease, while the storm gathers, would not be a proof of our wisdom ; but to endeavour truly to represent our present embarrassed cir- cumstances, and future prospects, and to propose remedies, 1 trust is laudable. As the happiness, the liberty, and perhaps the lives of an immense number are dependent on wise regulations and foresight, is it not proper to have an eye to the worst that may befall us, and act accordingly ? A partial or superficial view, buoyed up with false hopes, may lead to procras- tination ; our affairs in such case may become irre- trievable, and our distress unparalleled. Many gentlemen of profound abilities have suggested plans, which they thought would be of service in the present dilemma ; but if we seriously lool- to causes and effects, we shall find that no pal- liation would be ultimately available. Let us then justly, prudently, and manfully remove the whole evil from the very root, *' and be ourselves " again." ( As I 10 As I have endeavoured to point out the reaf cause (or causes) of our present distress and embarrassment, I shall also endeavour to point out the objects which must be obtained before we can expect a (lasting) revival in our trade, or a renovation in our affairs, and also the means of obtaining them : Which objects are, 1st. A liquidation of the whole of the national debt, without burdening the people, or injuring the public creditors j and of course, 2d. The cessation of all taxes, excise, duties, customs, &c. except such import and export duties as may be deemed advisable ; And, 3d. To create a plentiful and highly satisfac- tory circulating medium, to be had at all times by people of property, at a reasonable interest. In the year 1752 it was deemed expedient to alter the style or calendar, to enable us to reckon our time with foreigners, and it is now far more expedient for us as a trading nation, to alter the nominal value of our property, to enable us suc- cessfully to trade with them. The 11 The ancients had recourse to strong and appa- rently strange measures ; the Jews had their years of jubilee, the Romans their Agrarian laws, and we want a mild and equitable restorative law. Suppose the legislature by a solemn act was to\ reduce throughout the whole empire the price or nominal value of every article and pecuniary con- sideration whatever, (except gold and silver,) to one fourth part of what they now are ; that is to say, all leases, obligations for payment of money, bonds, bills, notes, debtor and creditor accounts, workmen's wages, and of course all the neces- saries of life. An act of this nature would effect one grand and important purpose, viz. it would enable us to manufacture goods as cheap or cheaper than they could make similar articles in other countries, and of course give us a fair chance for competition in all the foreign mar- kets. Besides w^hich the national debt, by the general operation of the said measure, would be reduced to a fourth part of its present amount, in round numbers, say to about 200 millions ster- ling ; and if a national bank on a new and satis- c 2 factory 12 factory principle was to be established, and a new and eligible circulating medium adopted, the whole of that debt may be paid off by means of that circulating medium, as soon as policy might direct; or such parts as remained unpaid, (by reason of the stock-holders, who might not wish to receive back their money,) may be employed in beneficial purposes, so as to pay more than the interest; and (of course) nearly the whole of the taxes would then be removed. The evil tendency of such a plan at first sight may possibly appear great ; but if properly and maturely considered, together with the effect it would have on every class of society, it will be found that none of His Majesty's subjects would materially suffer by the change, but on the contrary derive immense advantages. The said 200 millions, (a certain part of it being in cash, and the remainder eligible paper, suit- ably guaranteed to be paid off by instalments,) to become the floating capital or circulating medium of the nation, and no other bank notes of any description to be permitted after a limited time. 13 It is truly astonishing, and on reflection must appear extremely inconsistent to every disin- terested man of sense, that the great bulk of our circulating medium should have been long in- trusted to, and coined, as it were, by the present bank,* and nearly a thousand country bankers, who by the frequent failure of one or other of them have caused the ruin and destruction of hundreds of thousands of people. The aggregate sum of human misery which tliis strange and highly improper system has produced is much greater than is generally supposed. If none but Government notes and cash were permitted, this monstrous evil would be done away ; therefore, injustice to the community at large, none but national notes and cash should be suffered to circulate. Some of the country bankers no doubt have contributed largely to the different loans, and aided the revenue by their * It appears that the whole number of the proprietors is about 2200, and that they have gained 61 per cent, on their original capital, since the year 1797, making in the whole a clear profit of ;£ 21,M'7,581', besides the annual dividend of seven per cent. 14 their stamps, &c. ; but as the funding system seems worn out, and the Stamp Act might be repealed, there would be no plea for a continu- ance of erroneous proceedings. The country bankers have nearly all of them sprung up within the last fifty or sixty years, and they generally contrive to issue as many of their own notes as they can with propriety, perhaps in numerous instances to the amount of some hundreds of thousands of pounds, and of course they circulate throughout their respective districts the same as cash ; consequently a strange medley of diversified paper is at present the principal circulating medium of the kingdom. A great number of bankers are certainly gen- tlemen of the strictest honor, and the highest respectability j but the numerous failures which have happened, and may be expected in case of a declining trade, should be guarded against as much as possible. If those in the country were to give up their local note systems, and be suffered to pay away none but national notes and cash, perhaps they might do equally well as they do at present ; the 15 the increase of the circulating iiiedium, and also of trade, would augment the amount of their commission for doing business; which together with discounting of bills, the reduc- tion in the levies and taxes, servants* wages, the necessaries of life, and other considerations, might fully atone for the proposed alterations. Besides which, they would be relieved from those distressing runs that have taken place with some of them, and not have such strong incitements to enter into ruinous speculation ; and even if they did not gain so much money as they hitherto have done, private interest should give way to pubHc good, as it would be infinitely better for a thousand bankers to be a little curtailed in their profits, than for hundreds of thousands of the community to suffer by the frequent failure of one or other of them. Not only the Governor and Company of the Bank of England, but country bankers are in the habit of charging five per cent, interest, for the use or loan of their notes. Why should not a national bank have that privilege ? Surely a national security woukl be at least as good, if not 16 not better than the security of certain indivi- duals, more especially as the real estates of those individuals are not answerable for the bulk of the notes that are issued. To deny this proposition, would be the same as saying that the security of a very small portion of the community, is better than the security of the whole. The public funds are a proof that a national security has not been lightly estimated. It is true, they are subject to elevation or de- pression, according to circumstances j but it would not be so with a national circulating me- dium, if mada and considered a lawful tender for any payment, as that of the Bank of Eng- land has been of late years.* It m.ay be said by some that the bills and other securities, at present held by the Bank, are a security for, and the reason why, their notes have been taken in this country as cash. It may be so, but in case of a general decay of trade, * It 1^ — t proper that the national circulating medium should be issued and guaranteed by the government of the nation, and not indiscriminately trusted to a great number of town and country bankers. 17 trade, aiul the painful effects that might follow, perhaps it would puzzle the wisest philosopher to know where and how gold and silver could be got to pay those bills and securities, or their notes. When all matters are duly considered, we may fairly conclude that the credit of Govern- ment is at least equal, if not superior to that of the Bank of England, in the estimation of the public ; and, that the notes issued from a na- tional bank, and properly guaranteed, to be duly paid off by regular instalments, would be as well received as theirs have been. What, therefore, should prevent the establishment of a national bank, and a national circulating me- dium on an extended scale, for the general good of the empire, as it would obviate the necessity of paying interest for the paper of others ? If the present national creditors were to be paid off according to a general system, in a fair and equitable manner, with the said na- tional circulating medium, what could they desire more ? The faith of government would not be committed with thcin in any respect D whatever. 18 wliatever, but on the contrary it would be a wise, and perhaps the only method that can be devised, of saving them and the nation at large, from great impending evils. If the Bank in common with all ranks of society, throughout his Majesty's dominions, was to pay and receive five shillings in the pound in cash, and a proportionate deduction was to take place in the nominal value of all other matters (the precious metals excepted), the cash which by this means would be brought into circulation, together with what government might bring forwards, probably would make up the amount of the circulating specie, at least ten or twelve millions, which would obviate the necessity of the proposed bank issuing notes of less value than five pounds. A variety of considerations are certainly ne- cessary with respect to the present bank, and the whole of them probably might be arranged in a satisfactory manner. It may not be im- proper to consider what effect the proposed alteration would have on t|ie diflferent classes of society. Suppose 19 Suppose a creditor of the Bank, for any given sum, say ^10,000, received but ^2,500, it would be equally valuable as though he received the whole j as in such case, he would pay his debts with five shillings to the pound, and pur* chase every thing he might want at one-fourth their former price; besides which the great bulk of the levies and taxes would be removed. If a gentleman's estate, on account of the said reduc- tion, brought him in but a fourtli part what it did before, he would be a gainer instead of loser, if he spent his money in this country ; and it is our duty to prevent its being taken abroad as much as possible, as immense numbers are now in the habit of drawing their money from hence, to expend it among foreigners, because they can live cheaper — (this is a matter of considerable importance, as it greatly increases our poverty), — and the excessive dearness of all our necessaries nodoubtpreventsagrcat many gentlemen of other countries from coming and spending their money amongst us. The manufacturers would be en- abled to make goods for a fourth part what they iiow do, and have plenty of business j and as D 2 their 20 their goods might then be sold as cheap or cheaper than those of any other nation — " the British merchant would be himself again ;" and all persons whatsoever who had a stock of goods on hand, would be equally as great gainers by the proposed reduction of its fictitious value ; as five shillings in cash would be equally as ser- viceable as twenty shillings of our present no- minal paper currency. As to the poor working man, what difference would it make to him whether he received five shillings or twenty shillings a week, if the former procured him as many of the comforts and necessaries of life as the latter ? and it would be infinitely better for him to receive enough for his labour to live on, than to starve through want of employment! In short, its operations M'ould be the same on all ranks and degrees of society, as few or none would be injured by it, but (on the contrary) derive in- valuable benefits. Provided the manufacturers were enabled to sell their goods at a fourth part of their present price, an equalizing export duty might be judi- ciously '■21 cionsly imposed, which for a time would produce an immense revenue (as will be noticed more particularly hereafter) ; of course our merchants would get the most for them abroad that they could, as by those means they might be enabled to ofibr them on such terms as no doubt would procure plenty of business ; and rich merchants make a rich people. If rcc reduce the nominal value of our productions, it may b& said other nations will do the same, and still keep below us in the markets; but they cannot well do it as they abound more in the precious metals. Some people may at first consider it as a pro- posal for a national bankruptcy, but it is very far from being the case, as in reality it is inten- ded to prevent the destruction and inconceiva- ble distress which would attend an event of thg^ nature, and at the same time to produce other advantages of the highest importance. If only one part of the community was to pay five shil- lings to the pound, the other part would suffer in proportion to the deficiency, but if tlie tvhole of his Majesty* s sulfjects were neither to pay or receive l>ut five &liillings to the pound in hard rash, 22 cash, ia lieu of twenty shillings in paper, and all our nominal considerations were to be re- duced in like proportion, it would not by any means be like a bankruptcy, as very few com- paratively speaking would lose by it ; if it was found to bear hard on any particular class, such remuneration might be given them as justice and experience would dictate. But it would puz'zle men of the deepest reflection to prove, by tracing its effects to their relative bearings, that any class of His Majesty's subjects would suffer by the proposed regulation, except the tax gatherers, * excise officers, &c. &c. But a plentiful circulation of money and a good trade, would produce them other employment, which together with a reasonable allowance according to circumstances, might fully > atone for the loss of their present emoluments. I believe the plans which I have proposed are entirely new, and consequently without precedent, and so in reality are the present circumstances of this country. I certainly feel a difficulty in giving them a name or clear and comprehensive title 5 compounding with our creditors 23 creditors it could not with propriety be called, as its effects would be extremely different ; the term commutation does not correspond with my views, but I trust they are fraught with a res- torative power, that would fully regenerate our national affairs. As the precious metals are the universal medium, or general standard through- out the world, we must not attempt to alter their relative value ; and considering ourselves the inhabitants of a small portion of the uni- verse, the manner in which we have raised and now estimate our property and national produc- tions, is a sort of local consideration, and altoge- ther ideal ; and as we trade with nearly all the world, the nominal value of our productions must be reduced to the universal standard, or our local fancies will certainly ruin us. We have but little coin comparatively speak- ing now in circulation, perhaps in reality not much more than one million distributed chiefly in small portions throughout the empire ; the circumstances of the times are therefore altoge- ther suitable for a change of system ; and in such case it would be necessary to have coined in in ftadiiiess as much cash as possible, and when the act took phice for Government and - the Bank, to pay and receive only five shillings: to the pound in cash, and of course the real and the nominal value of all matters and things whatever, would regularly proceed together till the former superceded the latter ; and'till ^hat was effected it would make no difference to any one, whether they received or paid the nominal or the sterling value. If five shillings in cash was made and considered by all as a lawful tender, and equal in value to twenty shillings of our nominal currency, by this means we should reduce the ideal but not the real value of our property and productions to a par witli other nations, and not suffer the least injury by it ourselves ; but on the contrary derive those immense advantages before suggested, and many others which are not mentioned. Some again may say, if we wait but a few years the Bank may pay their notes in cash in full, and it might be better so to do, and see the result. Provided it was possible for that to be effected, it would then be worse, and in no no respect better, for the proposed change ; as more cash would then be in circulation, and in proportion to tiie amount, it would give a par- tial advantage to the holders of it ; now there is none which in a national point of view is an object. If the Directors of the Bank, and all other persons whatsoever were to pay and re- ceive five shillings to the pound in cash, under existing circumstances, the effect of the pro- posed regulation would be less partial, in con- sequence of having so little cash in circulation ; and equally as beneficial to the community at large, as it would be if these plans were to be put in force at any future period. For if all payments and the nominal value of pro- perty is reduced accordingly, the sum of five shillings in cash will be as serviceable for any payment or for the purchase of property, as twenty shillings of our paper currency now is ; and that reduction is absolutely necessary, to enable us to make and sell our goods as cheap as they are enabled to make them in other countries. It is the only i)iethod that can be devised to check their progress in the mechanic £ arts .^ \ ^ % I K ^^^^* fo^' i^ we can sell them goods as cheap or I ^ li^'Si V cheaper than they can afford to make them, ■^V"^ ^1^1 ^^^y will have but little encouragement to entet l^l "^^H ^^ ^"^^ competition with us j and if we neglect the ^^^t^ll P'^^^®"*^ opportunity of making the proposed ^§\^K| iteration, in a very few years we shall be lost N^vJ^^l^ ^^^ ^^^^ ** ^ trading nation, and be overwhelm- ||||||ied in trouble. W^N^^S ^; If we suffer no inconvenience ourselves from v^~^ §^^ Yt *^^ proposed regulations, it may be said our rt^^-ll^^^ foreign creditors will be sufferers; but if they lv|^«wc<^^|" either lay out their money in the purchase of ;;^';|>:^!^^^ ^r goods at the reduced pricCj'^or procure ^ 4 M?l ^^^^ °" ^^^ connexions abroad, founded on the ^^.|^^4^ present nominal system, they would not be ma- ^ V^^ t^i 5 *^"^1 losers ; or if they choose to come and live 4t ^ M i I "^ ^^^^ country, they may enjoy the blessing of ^^^^-^^^^ British fare, and stand an equal chance with I^W^It "^* ^"^^^^ ^^ ^^°"^^ *^^^ ^^ ^^^^^ enough "S^"^!?^!^ *° ^""^^ ^ g^^^t national renovation, because ■^f ^'^ M ioreigners should have it in their power to '^^\\^'^% ^^om a detached view, some may say, thi| i^Xx^^-"? . ^'i^^-^ ^^ only a depreciation of our paper currendy ; 27 but in reality it is not the case , as the bond of the richest nobleman , and the price of all arti - cles whateve r, would be reduced as much as the paper currency . Some have endeavoured to prove the relative value of our specie, bank paper, land, &c. ; meaning, I presume, the value we put on them in this country. An old book, a Queen Anne's farthing, and other matters of the like description may be valued at hundreds of pounds, because there are those who would give that much for them. But it does not prove, that they are really worth so much. If they were sent abroad for the purpose of barter, they probably would yield but a trifling return, unless it was known that, by sending them back again, they might obtain the ideal value in money : therefore, the high fictitious value which we put on our property, is of no service to us, but quite on the contrary • we cannot possibly do without a good foreign trade, and if the value of our productions are not suited to our foreign re- lations, we shall soon lose it. E 2 If 28 If five shillings in gold or silver, is consi- dered of nearly as much worth at some places abroad, as twenty shillings in our nominal cur- rency, or twenty shillings* worth of many of the sorts of goods which we manufacture ; it is evident that we have widely strayed from the universal track, and want very much to put ourselves back into the beaten road of universal commerce ; but the fact is, our paper or ideal wealth would purchase nothing abroad, if it did not transfer with it the hope of obtaining a substantial value for it, somewhat in propor- tion to the amount ; and it certainly is a fact, that some of our continental neighbours can afford, and actually do at the present time, make and sell a great variety of goods at about a fourth part of our price for similar articles. The course of exchange between this and other countries, is by no means a satisfactory proof, of the quantity of goods we buy of or sell to them ; as much is effected by the bankers and merchants of the different countries. If we buy more articles than what we sell to them, we must either send the precious metals to balance 29 balance accounts, or they draw bills ; and if, in the first instance, they are paid in bank notes, their correspondents purchase bullion, &c. with those notes, and thus drain it away from us. The balance of trade to some parts at this time, may be apparently, if not in reality, in our favour, perhaps chiefly on account of our colonial produce ; but as the costs of that pro- duce are involved in a peculiar labyrinth, the calculations which are generally made on that head, not only for this but various other reasons, are extremely fallacious. No doubt the demand for that produce, and sundry otiier articles, to some parts, at the termination of a long war, was very considerable, and our merchants sent large quantities on speculation. If we sell more goods abroad than we have occasion to buy, they would pay us the diffe- rence in gold or silver ; and notwithstanding the advantages which we seemed to possess, the quantity probably is not increasing very much, and of course it will be drained away again as rapidly as trade declines j more espe- cially 30 daily if bad crops should force us to buy much corn. If the balance of trade is now in our favour to some parts, it is against us to others j and as more foreign ships get in motion, it will rapidly decline. To some it may appear strange, but it cer- tainly is a fact, that our apparent riches have increased somewhat in proportion to our real poverty ; that is to say, while we have been getting nominally rich, we have in reality been growing proportionably poor. A State that abounds with the precious metals is certainly wealthy ; but with us they have nearly vanished, as our ideal wealth has increased, and but little of them is now left to circulate. If we mea- sure our wealth by the universal standard (the precious metals), we are poor indeed compara- tively speaking. Just in proportion as the necessaries of life become dear and scarce in any country, toge- ther with the means of procuring them from others, the real poverty of that country is in- creased. 31 creased. With us generally speaking tliey are become excessively dear, and the large supplies which we are forced at times to procure from abroad plainly tells us more than is pleasant. The real or artificial scarcities which we have experienced, aided by an immense circulation of paper, raised the price of land, workmen's wages, and other matters. A scarcity of cash and time-serving policy produced that general paper system, which has pushed us to a giddy height ; our debts are enor- mous J our money is gone ; our foreign trade is rapidly faUing into other hands; and our home trade (for obvious reasons) will continue to languish in proportion. The national spirit has exalted us on the proud pinnacle of glory ; but what must sup- port it on future occasions ? How are we to pay our levies, taxes, &c. with a stagnate trade ? Or, how is the starving multitude to be kept in subjection ? The true riches of this country are its indus- try, ingenuity, spirit, cntcrprize, and local cir- cumstances, and we are still rich in them j but all. 32 all, all are cramped and want fairly to be called into action, by the adoption of wise, bold, and prudent measures — and if it is not speedily done by the strong hand of power the consequences may be dreadful. ;^ of .^-H Hy|\"( try at heart ^ '^ c^^ C I of all parties who had the real good of the coun- $\cv^li If a comprehensive view of the motives, and "? ^vi_v^^ ^ the great advantages likely to result from the >^^"-' ^c<§%'^ change of system, was to be published and dis- "^ V " ^\^ K P®^^®^ throughout the empire, there is no doubt N>^^ ^ 3 V but it would be well received by the public at J^i^'^j;^ large, as the sterling value would gradually S-'^ ^ w*^ § supersede the nominal, without causing any ma- -^^Sx^-^ ^ terial inconvenience. And to answer the purpose "§ '^\ ^ S ^ i^ of general accommodation, surely the wisdom of \tr^^'3 ^ '^ the legislature could devise a safe, cheap, and ex- t^ ^ "^ peditious mode, that would enable any person to ^^ -^^^^ <^ take up money at legal interest on their property, ^"^ '^^^ ^ 'i^ ^^^ ^^ ^^"^ ^^ ^^ short a time as they might think ^^ V ^"^vnI proper. It certainly may be done, and in such IsV^lXS ®^se people might vest their stock on those ^ r*^ 1>^ , ^ securities, as it would cause it to circulate in the ? -^^^ $, country, instead of being locked up (as it were) ^.i k\^N^ iu the public funds; and on that principle the ■'*- ^ \. ^ S. V ^2> ^^§\ nationalbank might accommodate all the bankers, L^o^'SV'^ (who might require it,)**and the bankers might ^ ^ > this S^u'^V ^ Xx accommodate the public, and the discounting of ^ ^-|^ ^^ bills, &c, might be entirely left to them j and by 37 this means the business of a national bank would be readily conducted with safety to the state ; and all the great money transactions throughout the kingdom would flow regularly in a secure and proper channel. Much reliance has been placed on the operation of the Sinking Fund ; but the projector of it certainly was not aware that we should ever be tlirown into sucli a dis- tressing dilemma as we now are. If trade and commerce had continued to flourish, in tlie man- ner it did during the greatest part of the late war, the bulk of tlie burden by that means, toge- ther with the cessation of the annuities, might have eased the next generation. But surely no- thing can be more desirable, under existing cir- cumstances, than to get it removed, if possible, by any equitable method whatever, from our own shoulders ; and if with that view, the plans which have hitherto been proposed were to be adopted, it would be well to appropriate all that, could be obtained from the said fund to the annual payment of national notes; and such further sums might be raised for that purpose as appeared 38 appeared to be necessary for the satisfaction of the public* If ten or twelve millions in specie were brought into circulation at first, by means of what the Bank in such case would pay, together with what his Majesty's Government (on an occasion like that) might be enabled to bring foi-wards, and what the nature of the plans would draw from all the private hoards, it would render it unnecessary (as before intimated) for the pro- posed national bank to issue notes of less value than * Tlie amount of unclaimed dividends in the Bank, and mnclaimed property in Chancery, and all other assets, which cpuld with propriety, might be brought forwards under equitable arrangement, in aid of the grand national reno- vation, and with a long pull, a strong pull, and a pull alto- gether^ it may be effected. It should be recollected, that the expences of Government, by the general operation of the plan, would be reduced to nearly a fourth part what they now are, and matters may be so regulated, that nobody would suffer any real injury by it ; the supplies might be raised as they were wanted, and if in years of prosperity a saving vas made beyond the amount of the notes guaranteed to be paid off annually, it would serve as a useful reserve. S9 than five pounds ; and common prudence would dictate the propriety of having, if possible, such notes as could not be forged witli any chance of successful secresy, as it has long been a matter of serious regret to every feeling mind, that no effectual means have yet been adopted to prevent it. Ingenious men can readily imitate such as arc now in circulation ; and, as the temptation is great, immense numbers have suffered an ig- nominious death for forging and uttering. To engrave the plate, and imitate the water mark, are the chief considerations, as suitable paper is readily obtained, and the whole process may be accomplished in a closet, without the knowledge of a second person. About fourteen years since I submitted several plans to the Gov^einor and Directors of the Bank of England, whicli I am conscious would have answered the desired purpose, and saved the lives of a great number of people.* Amongst • An account which was hiid before the Hor.: patent a 4G and also to our iron works and the raising of water, coals, and other matters, at our nume- rous mines, together with the working of our corn mills and those for sawing, rolling, grind- ing and polishing, boring of cannon and musket barrels, water works, coining of money, &c. &c. Many other considerations miglit be adduced, but the numerous advantages we have derived from that single invention, are truly astonish- ing. I beg leave to remark that I was present, and saw the first steam engine set to work, that ever moved a rotation wheel successfully; and soon after I invented the steam vessels which are now adopted in America and also in this country. fev.' years aFter. In 1782 the whole produce of the cotton trade did not exceed two milHons sterUng. In 1801 the im- port of cotton to Great Britain was 42 millions of lbs. and the value of that manufactured was ^15,000,000. In 1802 the import was 54,000,000 of lbs, the raw materials cost ^4,000,000 ; it employed 30,000 tons of shipping and 2,000 seamen. The capital vested in the manufactory was £9,000,000, and employment was given to 800,000 indivi- duals, to whom was paid for wages £13,000,000, and most of their machinery was worked by steam engines. 47 country". In confidence I communicated my plans (with a view of obtaining the necessary support) to several gentlemen of eminent abili- ties, and was strongly tempted to go and esta- blish them on the extensive waters of theUnited States. And several letters passed between me and the Board of Admiralty (when Earl Spen- cer was at the head of it) relative to the said invention, and also respecting a new method of discovering the longitude, &c. But actual ob- servations on the effect of a tempest at sea con- vincing me (soon after) that such vessels would not prove sea worthy, I suspended my proceed- ings, in the hope of discovering a good and eligible method of accomplishing so desireable a purpose. After much labour, study and expense, I fully succeeded, and was about to solicit the patronage and support of those who could ap- preciate its value and importance to this com- mercial country, not only because it would facilitate commerce and greatly expedite the communication, with our numerous and far dis- tant settlements, but might ultimately ^ave the lives 48 lives of thousands, by greatly lessening the danger at sea.* As matters of such consequence and magni- tude could not be brought forwards to advan- tage without adequate support, a petition was presented to the Honourable the House of Commons (on the l6th of February last)i for leave to bring in a bill to establish a company under the title of the Good Hope Company, for the express purpose of putting them in force ; but I was afterwards advised to postpone it till money was more plentiful. About sixteen years since I took out a patent for improvements in carriages, and on reference it will be found that most of those which have been brought forwards by others since that period, are pointed out in my specification ; ^and I also invented a new method of making nails, and * The principle of my invention is entirely new and cer- tain in its effects, and may be applied to ships and vessels of any description or burden, and would impell them with speed against the wind or in any direction required, and in a cheap, eligible, and expeditious manner, would move the boats on our numerous inland canals. and a contract was obtained for supplying all His Majesty's Dock Yards (with copper ones for sheathing, &c.) made on that principle. These matters are mentioned with a view of showing with what avidity the Americans in particular adopt our plans. The public papers have long^ been in the habit of noticing their steam vessels, nail manufactories, and improvements in car- riages, probably without knowing that they were invented in this country, but did not meet with early and adequate encouragement. * H All * It Is much to be regretted that we have not a satisfac- tory method of ascertaining and bringing forward matters of real merit, as many important plans and discoveries are lost to society for want of it. There is a method of saving the shipwrecked, or of enabling them to save them* selves, which in the opinion of men of science to whom it has been submitted, is greatly superior to any which has been promulgated; but it sleeps with many others equally as important, for want of knowing how to bring them for- ward to the best advantage. Original inventors frequently incur much trouble and expcnce, and are often deprived (by some means or other) of their just reward. I have too much cause to speak feeling- ly on this subject ; for after devoting a great portion of my life to the study of useful improvements, I find I have n«t m All the specifications of our ingenious patent inventions and improvements (that are worthy of notice) are published in a periodical work- called the Repertory of Arts, and from thence into the Encyclopaedias, &c. and speedily des- seminated throughout the world. By this means they have obtained (at a cheap rate) a perfect knowledge of all our plans, machinery, and ingenious projects, and have been acting on thpm many years to as great an extent as the times would permit; as it is required that every specification shall be made plain enough to enable any person to understand, or make the article. Foreigners in general must laugh at our folly, more especially as our laws severely punish those who attempt to send models or real machinery out of the kingdom,, and enriched myself, though the public as well as private in- dividuals, have been benefited to an immense amount by the adoption of my plans ; for independant of other considerations, 1 employed in the diiferent manufactories which I established from one to two hundred people, up- wards of twenty years, chiefly at new or greatly improved articles, which probably Were the cause of nuUion&ofmoncy being brought to this country. 51 and at the same time we permit them to have a full and clear description of all desireable mat- ters whatsoever as soon as they are brought for- ward ; thus enabling them to make the arti- cles much cheaper than they could procure them from us. Those laws appear to be quite incon^ sistent with our present practice, as in fact it renders them completely nugatory. Doubtless the motives for the specifications are to ascertain the nature of the inventions, and to enable others to manufacture the article when the patents are expired, and it certainly is necessary for them to be deposited at the proper office, to be referred to, when occasion requires. But common prudence plainly tells us that it is bad policy to suffer them to be pub- lished when they are first projected. If it was to be done at the expiration of each patent it would be quite soon enough, and all the desir- able objects would be attained, and our trade not so much injured as it now is, by the prompt in- fprmation which is given to our rivals. n ^ 5^ GENERAL OBSERVATIONS, Relative to the Rapid Progress of the Mechanic Arts in Foreign Countries, <§pc. It is well known that an immense number of skilful mechanics have emigrated from this coun- try in the course of the last thirty years, and have generally met with the greatest encourage- ment abroad* : and if we judge of the progress that has been made in different countries, by the amazing number of manufactories which, ac- cording to their official statements, have been established, we need not be surprized at the stagnation of our trade. A wonderful alteration has taken place in the circumstances of the times, and we have no precedent by which our future proceedings can be * In the course of my life I have had indirect, but well understood offers of very large sums by the Prussians, Rus- sians, French, and Americans, to go and establish manu- factories for them, but always declined. 53 be regulated. Several of the great nations and states which we formerly supplied, can now nia» nufacture most of their own goods, andgreat numbers are still leaving this country to aid and assist tliem. A short time since I expe- rienced rather a mortifying proof of the latter assertion. Having recently obtained His Ma- jesty's royal letters patent for a new or highly improved method of lighting public offices, the- atres, and buildings in general by means of gas (without the least possibility of danger, smell, or foul air), several workmen were employed by direction of Mr. Harris of Covent Garden thea- tre,* to manufacture a superb chandeher (on the said new principle) for the grand entrance of that noble establishment ; and when it was about to be put up, it was found that one of my prmeipal workmen was gone, with twelve others, to aid and instruct in the establishment of a large * It is but justice to remark, that tlie benefit the public will derive from tliis invention, is indebted in a great raea- Bure to the discernment and liberality of Mr. Harris, under whose patronage the invention wi»« completed, and the pa- large manufactory at Magdeburgh : yet, never- theless, it was completed in due time, and the uni- versal admiration and approbation it has excited is highly flattering.* Many gentlemen have been greatly deceived with regard to the time requisite to establish the mechanic arts in any suitable country. Ex- perience tells me that it may be done, with good encouragement, to a great extent, much sooner than is generally expected. A few well- qualified individuals, in two or three years, may instruct hundreds ; and they, in the like time, may instruct thousands. In a similar propor- tion it has been done at my own manufactories, in some of our most difficult branches of busi- ness. It is well known that the Russians, sixteen or eighteen years since, had very few manufacto- ries J but the late Empress Catherine sent over about * '^1mml0mlWfftm'ktlHIHllt^ ^^' ^^' Orange Court, Leicester Square, are now the proprietors and manufac- turers of the Patent Gas Lamps, ChandeHers, Lustres, &c. which will be found a great acquisition to those who use gas. abtiiit that time a considerable number of people to learn our arts ; and by the powerful influence of money, soon attained all they wanted. Some of them, though men of rank and title, laboured (as Peter the Great did in our dock yards) like common journeymen. I frequently conversed with several of them, and knowing that no ex- pense was spared by that government to attain their object, I was conscious at the time what the result would be—witness the wonderful in- crease in the number of their estabhshments since that period according to their official accounts recently published ; and the late prohi- bitions and heavy duties on our goods, speak volumes. If the number has so much increased in troublesome times, what may be expected now there is peace and a i\ce trade ; at least we may conclude (from the encouragement they are likely to experience) that the number will be doubled, or perhaps trebled, in a very- few years. If they are not already a great export- ing nation, they soon will be. Probably we have more to apprehend iioin that extensive em- pire, than the generality of people are aware of. Great 56 Great numbers of foreigners are now Working in our different establishments; and sucb^ I understand, is their policy in some parts of Grer^ many, that they suffer none to set up in busi- ness till they have been abroad a certain numbeI^ of years to perfect themselves. If we look to the proceedings of the Prus- sians, we shall find that they are getting for* wards equally as fast as the Russians. Some of the artists belonging to the King's extensive porcelain, and other works, came over to this country during the late troubles, and often spoke of the great progress they were making. But since the late peace they were recalled, and went back, though they acknowledged they could get three times as much in this country as they could in their own ; but could do better there, as provisions, &c. were proportionably cheap : and from other sources of information, I find that immense establishments, in almost every line of business, are now forming, in ad- dition to what they had before. Boots, shoes, and leather goods in general, together with a great variety of other articles, may 51 may now be obtained at most of the great fairs on the Continent, f or about a fourth part of our price. Large quantities of goods were sent from this country to France, previous to the Revolution ; but even in the midst of the trou- bles thereby occasioned, they perfected their manufactories to such a degree, that they now equal us in point of workmanship ; and to our mortification we find, that they send large quan- tities of clocks, watches, jewellery, and other articles to this country ; and after paying in- surance, freight, and other expences, together with a heavy duty, are enabled to sell them for much less than we can possibly afford to make similar articles. A considerable degree of zeal is also mani- fested with regard to trade in several other parts of the neighbouring Continent ; and if we turn our attention to the progress of the Americans, we sliall find that they will soon be able to sup- ply themselves with nearly all the sorts of goods which they formerly procured lioni this coun- try ; and probably, in a few years, will be able to export a great many. I It 58 It may be said, that agricultural pursuits are best suited to that nation : hut men in general search for the nearest path to opulence ; and the high price of the articles which they were in the habit of obtaining from us, clearly pointed it out. Their numerous and extensive rivers and streams, suitable for mills, &c. together with the richness of their mines, minerals, land, timber, necessaries of life, &c. &c., have been in their publications, and personal communica- tions constantly held out as an inducement to mechanics to go and settle amongst them j and during the last twenty-five years, in particular, an immense number have certainly gone, and are still going at a great rate. I am credibly informed that they make in several places immense quantities of goods simi- lar to most of the different sorts purchased at Manchester, Birmingham, and Sheffield, and actually sell them for less than they could get them from this country. In nails and cast-iron goods in general, they are enabled not only to rival, but greatly excel US: 59 us : the former they cut out and make by means of machinery ; and the latter are of a better quahty than ours; in consequence of their excel- lent iron-stone and general use of charcoal, in- stead of coal coke, as -with us. And their manu- factories of cotton and woollen goods are now extensive, and rapidly increasing. i2 60 GENERAL OBSERVATIONS, Relative to our Agricultural ConcernSj c^r. It appears that this country produced, pre- vious to the year 1767> not only an adequate supply of grain for our own consumption, but was enabled to export a great quantity, as will appear from the annexed statement. But be- tween the years 1764^ and 1774, the scale turned considerably against us, and we became im- porters instead of exporters,* and the supplies which * The following is extracted from the Reports of the Lords' Committees, appointed to enquire into the State of the Growth, Commerce, and Consumption of Grain, and all Laws relating thereto. In ten ^ from y^ears, r 1753, :ckoning and in- The Number of Qmrters exported from tliis Country (after deducting what was impiirted). The Number of Qumters imported to this Lonntrij, (cO'ter deducting what was exported). eluding - - 1763 4,570,165 . Ditto ditto 1773 ■ 1,136,360 Ditto ditto 1783 . 2,813,254 Ditto ditto 1795 - 5,473,645 Ditto ditto 1803 13,567,328 Ditto ditto 1813 10,739,796 N.B. m which have been procured from abroad since that period, have increased to an amazing de- gree. In twenty years previous to the year 1814, we find that the quantity imported has exceeded the quantity exported by 154,307,124 quarters, the total number of quarters import- ed in the said time, was 26,838,305, and 2,531,241 were exported, and probably the chief part of it (and much more besides) was sent to our armies, garrisons, and settlements abroad. These matters give room for serious reflec- tions, more especially as the nations from whom we have obtained the chief part of those sup- plies, are not only contriving to do without our manufactured goods, but will be able in a very short time to supplant us in most of the foreign markets, if we persevere in our present system ; and it does not require the spirit of prophecy, plainly to foresee the trouble and distress, N.B. As no return was made of the quantity exported in the year 1813 (the documents heiiig destroyed by the fire at the Custom House), I deducted the same uuraber of >.,v^^,./ 112 tioii for future prosperity ; but they could not tax us with injustice, for reducing the ideal value of our property to something Hke a level with theirs. Som e great effort should be made to clear us from the di fficulties we n ow experience in our trade and finances ; if the plans beforere com- mended were to be adopted, there is no doubt but they would fully accomplish those desireable purposes. Unless we are enabled by some means or other to sell on as good terms as the foreign manufacturers, we shall go on from bad to woi-se, till ruin overtakes us. If our foreign trade is bad, our home trade cannot flourish, or employ a tenth part o f our artists, tradesmen, and mechanic s.* And if their adoption would enable us to build, navigate and victual our mer- dian t vessels and ships of war, at as little ex- pence as other powers, it would be well for us. The Americans and Russians in particular have made * If I was disposed to caricature our present state as to trade, &c. I should represent John Bull mounted on a pair of high stilts, with a heavy load on his back, striving to out- run several characteristic, but lightly equipped opponents, and should call it the Commercial Race^ lis rttt^'sii'cli pfbgress (of lateyear^) in thefrr tnarJ- tirfle affairs, Aiid at such little expence in com- parisoii with oiii:?, that it gives room for serious apprehension, as to th6 fate of posterity. It ftj^yy he said if we lose our tratie in Europe and North America, there will be South Ameri- da, the East and' West Indies, and other places t6 trad<3'with ; but if other nations supply them better and cheaper, what chance of success diall we ha-ve? And it also may be said, that trade i^ as bad in some places on the Continent as it now is with us, and that they are complairt- ittg of our merchants fot selUng their articles at such a low price ; no doubt it*is true, audit is easily accounted for. Siich an immei>se quantity of goods have been sent from this country, and also from th^ continental manufacturers, that all th €or oth^r weighty reasons, have been filing them greatly below prin>e cost, even at tfic loss of from 10 to 7-5 Q per 114. per cent, in numerous instances, as foreign deal- ers were selling similar articles on those terms. By these ruinous means our merchants hare greatly discouraged and checked their progress ; but how is it possible for them to support such proceedings for any length of time ? common sense plainly tells us they can afford to manufac- ture goods in any suitable country, nearly in proportion to the price of their common neces- saries of life, and the amount of their taxation, provided they have adequate information, aid, and population. The nominal value of our property and paper currency,, is altogether an ideal matter amongst ourselves, and foreigners have but little to do witli it ; but not so the precious metals. If we do not keep the balance of trade not only ap- parently, but in reality in our favour, coin as much as we will, it soon will vanish. A serious review of the state of our foreign trade and our finances, together with our inabi- lity to support another war if any event should render it necessary ; and also the distressed and distracted state of the country j and the extreme pre^ui'e 115 pressure of the taxes, point out the urgent necessity of altering our proceedings. And a fitter time can never happen. Gold and Silver we have but little, comparatively speaking, and we estimate its value nearly the same as they do in other countries. It is our paper, aided by circumstances, and a general credit and confi- dence, which has elevated the price of our arti- cles; and it is absolutely necessary at this period, to reduce them to the standard of our foreign connections, to enable us to deal with them on equal terms ; and as it may be done to the great advantage of the empire at large, will it not be well to remove our weighty troubles, and make good spring out of evil, by renovating our affairs, and forming as it were a new a?ra, with a pleasing hope of prosperity, under new, equitable, and well founded systems ? As the well being and comfort of millions, and perhaps the existence of an immense num- ber, if not our liberty as a nation, are involved in the question, it certainly is a matter of the highest importance. Wonderful changes have at times taken place Q 2 in 116 in different kingdoms and .states, j^^ wpll U3 pri- vate families, through inatjbention px mismaJi^ge^ ipent J the former I have often lieavd QV read of, the latter I have experienced.* It certainly is the dnty of -every governni^nt, more estpeciJiIly in such a commjerciaj, insuVt^ or circumscribed country as this, to attend to> the real wants and true interest of the people, or, in other words, the comfort and safety of the state. A secure, eligible, and plentiful cir- culating medium, and a cheap, adequate an4 wdl regulated supply of food, are the two mmn pillars not only for the support of our trade and commerce, but our domestic peace, happine^§ and prosperity. Considering the change which has taken place in our affairs, will it be prudent for matters of such vital importance to be left to the chance of adventitious circumstances ? Would it not be much better for the le^ifil^ ture, by the adoption of such wise apd judjcipus measyi'e* * Being a direct descendant of am of thfi most anciemt families in the king4oi]gi ; afid at th9 hvth ftf my fothcr perhaps the richest. * "^ 117 ifteasures, as might be deemed necessniy, to se- cure aud reguJiite them ? I have endeavoured, as primary coiisidera* tions, amongst other matters, to sliew, that by reducing the ideal value of our paper currency and property to the universal standard, ve should reduce not only the national debt, but the expences of government, and the taxes in the like proportion ; which, besides giving us a chance of successful competition in our foreign trade, might produce a great revenue, by means of equalizing duties judiciously imposed on the articles exported ; and also tlic justice, policy, and propriety of establishing a national bank, and an eligible circulating medium, to save an immense expence, and guard the public from the heavy losses so frequently sustained by the failure of different bankers; and to pay off the remaining part of the national debt in a fair and equitable manner, by suitable instalments, with the said circulating medium. And likewise the establishment of public granaries to regulate our markets and our supplies, and to restore confi- dence 118 dence in the occupiers of land, sufficient to encourage them to pursue their business with that spirit, which seems necessary to render us independent of great and expensive suppHes from abroad. By thus placing our trade, commerce, and agriculture, on a steady and eligible basis, em- ployment would be given to our increasing population. Various national works and pro- jects of public utility might then be effected with propriety. Gloomy forebodings would vanish, and all would enjoy the satisfaction of being able to look forwards with a pleasing hope of better times. THE END. Printed by Cox and Buylis, No. 75. Great Queen Street, Lincoln's- Inn-Fields. //r>7/^ .^^^/^y/^^^v;v^ ^^^^/;^./r/y/yyy,r//ryy^^^y^ u/o/z/ry J c^//c /p y^^e^r/Z /ao^e*/, /y//yy //////ry/y, rUr Y^^^Jya^yr/zA/^^ /'<^/' iiui uiilv raised (fic prior of the article taxrH, \m\ a|.v» llioso wliidi an- iu>t the Hired ohjecls of laxatinn IV APPENDIX. have no chance whatever of successful compe- tition, under such circumstances. " IVhy have you denominated bread, and the common necessaries of life, the universal stan- dard^ With a view more clearly to illustrate my argument. They are the staff of life, and cer- tainly the basis of trade and commerce. And why gold and silver as the universal no- minals P Because, by common consent, most nations receive either of those metals in barter, and use them as a medium of trade ; and as they are scarce, comparatively speaking, perhaps they could not have done belter : yet still their valu- ation, strictly speaking, is nominal — each nation va'.ues them just in proportion to the quantity of food and necessaries a given weight will pur- chase. If an ounce of gold (for instance) will enable a person to live tolerably well for a month in this country, the like quantity would enable a foreigner, at many places on the con- tinent, to subsist equally as comfortable for three or four months ; consequently, each person va- lues APPENDIX. Y lues it just in [)roportion to the good it proeures liim.* As to paper money, it i:s evidently a local nominal consideration. The notes of the Bank of England circulate more particularly in and around the metropolis^ and those of country ban- kers, in their respective districts, to an immense amount. The too frequent failures amongst them has ruined and involved prodigious num- bers ; so many sorts of paper money is trouble- some and expensive, to travellers in particular ; the temptation to, losses caused by, and direful effect of forgery, is sufficiently evident. As time-serving scraps, they have answered the pur- pose — they have served to carry us through the war, but their baneful influence cannot be con- cealed much longer, and a great alteration in the system is now become absolutely necessary.*!- Little * Tliis consideration opens a wide field (or sound argu- ments, which would prove the fallacy of M.nie theories, whicli have been widely promulgated ; but as plain simplicity and brevity is now my object, I shall not here pursue them. t His Majesty's speech to Parliament, on tlie 2'.it\ instant (Jan. 1821 ), intimated that the revenuo in Ireland proved ma- VI APPENDIX, Little did those of the old school think, that bits of paper, as fanciful tokens of credit, manu- factured by, or for, some hundreds of country bankers, embellished with promises, too fre- quently as light as air^ would pass current as MONEY, and be called national wealth. In- stead of proving serviceable to trade, they have given an unnatural aid to speculation ; and, in conjunction with taxation, an high nominal va- luation to all our property and productions, and con- terially deficient last year, in consequence of the unfortunate circumstances which affected the commercial credit of that part of the united kingdom ; alkiding, no doubt, to the failures amongst the bankers, which, it is well known, brought whole provinces into a state of great confusion and distress. The celebrated Dean Swift wrote his Draper's Letters with a view of preventing the introduction of the light copper into Ireland, for which Wood had obtained a patent, as he thought it would prove highly prejudicial to the country ; and it is said that his arguments prevailed. Had he lived at the present time, what would he have thought and said of some of the banker's notes in Ireland and this country also, which have proved much lighter in every point of view than Wood's half- pence ; and, in numerous instances, infinitely more injurious than they could possibly have been. APPKNDIX. consequently raised them above the price of those of other countries, and as people in all parts of the world have sense enough to look out for the cheapest and best articles, a great portion of our foreign trade is already lost, and, under existing circumstances, it is evident, will get worse and worse, till nearly all is gone. Ba- lance the miseries which the multifarious paper MONEY SYSTEM has caused, against the good it has produced, and it will be found that those who have issued it have been the gainers, and not the public at large. It is merely accommo- dation paper, fanciful wealth, founded chiefly on a nominal basis, and too frequently on little of that.* The good old-fashioned banking houses, when things were cheap, and trade good, abounded with real wealth. We should put on mourning, for alas! our good old friends the guineas, and the SOVEREIGNS also, their successors, are de- parted, and THEIR GHOSTS ONLY appear to per- plex * Any subJL'ct is ulluwtd to isMJe pajH.r muiicy, but if he- coins gold or silver money he gets hanged for il. — Has not the- public sufrtrrd infmikly iimif by the foniRi than the liKlcr. VIM APPENDIX. plex US. It is grievous to see those ancient de- positories converted into paper vvharehouses, with little else but — I promise to pay pay — and Ditto repeated. Those who are particularly interested in the paper money manufactories may be partial to the system, and like the tanners, in the fa ble of the besieged town, may declare — there IS NOTHING LIKE LEATHER ; or, in the language of some few of them — nothing like paper to WARD OFF POVERTY. But their motives may be seen by the manner of their proceedings. It is at best but the shadow of wealth, and much too often has proved nearly as unsubstantial as the SHADOW OF A SHADE.* Whit * The public papers of this day (March 13, 1821) state, that the Marquis of Lansdowne, when speaking of the affairs of Ireland in the House of Lords, said — " The effect of the bank- ing system in Ireland had been such, that two banks (by their failure) had swept away nine tenths of the circulation of the country ! 1 !" and the Earl of Liverpool said — " It was necessary that the system upon which many banks in Ireland and England were established should be altered," &c. APl'BNOIX fVhal do you consider our national wealth to consist of 9 Not in paper money. But the universal no- minals, or precious metals — and plenty of the universal standard, bread and common neces- saries, (tit as low a price as in other countries) together with our copper, tin, lead, iron, coal, and other mines (which might be made more beneficial to us than ever the gold mines of Peru were to the Spaniards) powerfully aided by such important considerations, may be added, though last, but not least — the industry, ingenuity, and perseverance of his Majesty's subjects. But all are now completely jiaralised. Is not the present state of the Public Revenue a proof that the country is fourishing P By no means. Taxes, &c. must be paid; great niuiibers jiay them who nearly want bread for themselves, and have scarcely a shilling to the pound for their creditors. They are chiefly laid on matters of necessity — conscfjuently in- creasing population, and greatly increased exer- tions to ob'ain a subsistence, has materially aided them. There is reason to suppose that a b great X APPENDIX. great majority of the merchants^ farmers, shop- keepers, and manufacturers, throughout the king- dom, are paying them Jrojn their capital and not their profits — anxiously striving to keep up ap- pearances with aching hearts, and a forlorn hope that times will mend.* Is not the high price of stock in the Public Funds a proof that the nation is rich and thriv- ing ? Just the reverse. It is a proof that money cannot be employed in trade and commerce to pay a better interest. When trade was good, redundant profit and floating capital supported the funds, with most traders at the present time profit is out of the question, and their actual capital i:s substituted. t Are * No wonder some of the exciseable articles are productive, particularly ale, beer, spirits, tobacco, snuff, &c. most tradesmen who have little else to do, meet to discuss their various griev- ances, and " Drink to drive care away." Others take " The thought inspiring tube," to plan a means to live — while the snuff taker uses a double quantity through care and vexation. t Independent of what is invested for parties themselves, the country bankers generally have entrusted to their care, a ccnsiderable portion of the unemployed capital of their respec- APPENDIX. XI Are not more goods exported of late than might be expected considering the difficulties we are labomirins^ under 9 British perseverance is wonderful — specula- tion is afloat, and doubtless will ruin many — and appearances are necessary with some to ward oft' the evil day as long as possible. In conse- quence of the badness of trade and distress of the times, workmen's wages, and piece-work prices are greatly reduced ; and as their employers, the master manufacturers, are willing to part with their goods on excessive low terms, and very frequently for much less than prime cost, the merchants are induced to strive to support a com- petition with foreign manufacturers as long as they possibly can. Can it he truly said, that a great portion of the operative live dislricis; many of them remit what can be spared to buy stock — to be sold out as occasion requires — to pay their notes, &c. It is a speculation which has ruined many — l)ul if the price is kept up — or trade continues bad — and tiie money not wanted, it answers tiieir purj)ose. What should be employed in trade, by one means t>r other fmds its way to the public .Slock Market. Xtl APPKNDIX. operative workmen throughout the kingdom are now in a state of extreme distress 9 It certainly is true — and instead of trade mending, as some suppose in mo;t branches, it is progressively getting worse and worse — and whilst they are enabled to make goods in foreign countries cheaper than us, it cannot possibly be otherwise. The cotton business may be rather an exception at times, for obvious reasons : Fo- reigners cannot get the raw material much cheaper than us — and as it is manufactured chiefly by machinery and children, that labour and fare hard, and the adults who are employed in the process being chiefly in the same pre- dicament, it has enabled them to compete with foreign rivals much longer than they otherwise would. Yet notwithstanding these consider- ations, it is the opinion of many who are well informed on the subject, that the competition abroad is not likely to be supported by this coun- try for any considerable length of time.* It * A great number of cotton manufactories on a large scale, are established on the neighbouring continent, and also in America, where our machinery and best inventions are adopted. APPKNOIX. Xlll h is now fully evident that our foreigu trade is rapidly declining' — and that nearly all ive now have is sup}X)rted hy miserable exertions ; im- mense numbers in every tradino: district throug-h- out the kingdom, who formerly gained a comfort- able subsistence, are now literally in a state of starvation, and the respective parishes burdened with the poor miserable creatures beyond all for- mer precedent, even in this metropolis ; an im- mense number have not half work — and many thousands that would be glad to get employment, but cannot — and amongst them to the author's certain knowledge, a considerable number of as good mechanics as any in the kingdom. As want and misery prevails to such an alarming degree, instc^id of being surprised at the depre- dations that are committed, it is a matter of as- tonishment w ith many, there are not more. The submissive and patient endurance of the gene- ral ity Ft is snifl in a New York pnpor of recent date, that at one of ihem which is established at Walshani Massachusf;tL«», they con- sume about four hundred thousand pounds of cotton annually — and keep about two hundred looms moved by water in constant operation. XIV APPKNDIX. rality of the poor miserable sufferers, calls loudly on national sympathy — but more particularly on the wisdom of parliament to devise and adopt such means as to them may appear most likely to remove our difficulties, and fully revive our drooping energies. The numerous bankruptcies,* and infinitely more numerous letters of licence which are granted — or a trifling composition accepted — the state of our prisons — and the vast number dis- charged by the Insolvent Act, clearly proves the enormous amount of the losses which some have sustained, and the grievous distress of the country. t Will * The number of bankruptcies announced in the week, end- ing Feb. 24th, was forty-eight. t From a return made by order of the House of Com- mons in May, 1819, it appears that the number of peisons then discharged under the Insolvent Debtor's Act, was 15,249, and that the amount of their debts was, ^10,979,943 2*. 9 As.Od.\ ! I of which i^2,3<;3, l?Si) 2v. \0d., was from Ireland, and the Isle of Man — and the total value of the same exported in the said year, was ^312,600, Zs. bd. c substituted APPENDIX. substituted for the support of a miserable exist- ence — the consumption of course has been greatly reduced, and consequently the price — and as the pressure of the taxes, increase of pnor rates, &c. obliged most of the farmers to send their grain to market for money to go on with, probably the stock now on hand is much less than generally expected, and the consequences may prove of a serious nature in case of bad crops this year. It is said thai Gs. 6d. per bushel is now the average p^'ice — and that 10s. per bushel affords them only a remunerating profit — of course they will not cultivate near so much this season as they other- wise would ; a scarcity is likely to ensue, and judging from the experience of former years, the price rapidly to become high — the ports opened and great importation required, with this kind and no doubt highly pleasing intimation, implied to foreign growers. Now the price is high, send us as much as you please — we have no plan to regulate our markets — and entirely through the want of judicious regulations, the price in this country for a time has been so low, that most of our farmers are either ruined or so greatly dis- couraged AIM'KNDIX. XIX courage;!, they have cultivated less than usual — we therefore are forced to depend on you for a great j)orti()n of our bread. You are well ac- quainted with circuinstafnces — and in particular, the small number of places capable of supplying us — and of course there is no doubt but you will strive to take every possible advantage of our necessities. The agricultural, commercial, and manufac- turing classes, seem at times to have a reciprocal interest and dependance on each other, as thej certainly have for some time past ; but if a real, or even an artificial scarcity, through monopoly, should take place, the price of bread may be very much rai>ed — the distress of the poor greatly increase^ — and the result readily anticipated. In the precediniii, huw is il liiat m«J9t of the inhaliilariU of lliis iiii;iriH>olw, are now paying len- pence for the q\iarlcrn lo«f, which is at the rate of I lis. •!r',/j~. V^f^ ^//u/ U>fif^/'^ *^/'r^^M^^f, -^/o rrri{ /^/(/-^ - (•fcf />^'( /^'f ^6) XXXU APPENDIX. Supposing that cash and national notes (foun- ded on a sterling basis, to he duly paid off to a certain amount every year,) were made to super- scede all oilier sorts of bankers'' notes, and ulti- mately to become the only national circulating medium ; ivoiild it be equitable and judicious to pay off" the whole of the national debt with that circulating medium? As to the equity of -'the case, if either an indi- vidual, or a nation made up of individuals, is in debt, and chooses to pay it off with the national circulating medium (when the great quantity of cash which the nature of the plan would draw forth, and the said notes were constituted and doubtless would be considered equally valuable,) it could not be deemed an unjust proceeding; and, considering- the present complexion of the times, it perhaps might prove better and more equitable to the parties than leaving them, as they now are, to the chance of adventitious cir- cumstances. But than the amount of all their just claims on this country. If deemed adviseable, the Austrian loan, &c. might be thrown into the general scale of balances. . ^- v^*-- APPRNDIX. XXXIU But it would be unnecessary, and also inju- dieiousj to pay it all off, as very large sums might be employed, under the controul of Parliament, in public granaries, and public works of various descriptions, so as to pay a legal interest, and plenty of means would then arise for private in- dividuals to employ their capital to better advan- tage, as life, spirit, improvement and prosperity would be imparted to trade, commerce, agricul- ture and speculations of every description. One of the leading features of the plan recommended is to draw forth, on a universal and firm basis, the stagnate capital of the nation. I fully admit that a general reduction of the nominal valuation of property, hy the means you have recommended, could not he injurious to those who spent their money in this country, 8^c. but in such case, a merchant, for instance, who now has ^10,000 to send abroad, to buy goods, would then hare but a f/uartcr the sum to trade ^wilh, that is to say ^2,500. Wuuld it not he injurious to him P U may appear strange to those who have not duly considered the mnltrr, Imt il certainly wcjuM e not APPKNDIX. not in the slightest degree. If he imported but a fourth part of the quantity of goods, and had the hke proportion of profit on them, a quarter the amount of his former gains would enable him to live and pay his way much better than what he now does ; his trouble and risk would be re- duced, a general revival of trade would greatly lessen the number of failures, and consequently his losses — all taxation, importation duties, &c. &c. might be done away, and freight reduced — - every pound gained by commission on goods con- signed for sale in this country, would be as valu- able to him as four pounds now is, and as barter with goods (and not cash) is the general medium of foreign trade, he might have all the various sort of articles the kingdom produces (provided the price was judiciously regulated by the equal- izing export duty) on terms that would command the respective markets and set all rivalship at defiance. In short, his advantages in every point of view, would be infinitely greater than what* they now are. If our nominal valuations were reduced to the universal standard as you propose, would not the price APPENDIX. price of' the various arlides pyogresslveli/ rise, and in course of years become as dear as ever P As the plans proposed have a mutual depen- dance and bearing on each other, it is absolutely necessary to consider them accordingly, and not merely in detached parts. If they are condemned by any one who is a true friend to his country, it will be more on that account than any other. I have before suggested the idea of regulating the price of corn by means of public granaries, &c. which of course would regulate the rental and general value of land, and all the necessaries of life produced therefrom, and to a great degree the whole of our productions. fVould not the nations that are aiming to sup- plant us in trade, 8^c. object to any plans that were likely to ameliorate the circumstances of this country, and cither prohibit our gcods or adopt similar measures. Nearly the whole of the circulating medium of this kingdom for many years has been paper, with comparatively a very small quantity of sil- ver and copper money, and as in other nations )nuch less paper and a far grcjitcr quantity of cash XXX VI APPEND IX J cash has circulated, an equitable reducing prin- ciple, though highly suitable for us, would not be so for them. Their produce and productions are nearly on a par with the world in general — ours alone, (by the means pointed out) are raised far above the universal level — and have left us hugging the delusive bubble of fanciful wealth.* If they are enemies at heart, and wish to see us bound up in our own toils, till we are ruined, in order to take every possible advantage of us, the * Consider the effect of our high nomina;! valuations, with regard to corn, and it is much worse on other articles. Fo- reigners grow and store it up, well knowing that under our present system, we are sure ultimately to want it, and will not give them less than a high price for it. Though to make use of the words of the select committee of the House of Commons— " There is scarcely any price in our own markets, which under circumstances of a general abundance in the other parts of Eu- rope, would be sufficiently low to prevent an importation of corn from those foreign ports, at which a considerable supply is annually accumulated for exportation only." Suppose for three or four years together, we should grow more wheat than was required, and wished to export it, what bounty must be allowed — or where could we sell it for any thing like prime cost, if we had the cheap growers, and dealers of the Bailie to oppose us. ArPKNDIX. XXXVll the sooner wc know it tlie better. But if they are fticndly to justice and propriety, they could not complain of us for reducing our nominal va- luations^ to a par or level with theirs. It was this country that first brouglit the me- chanic arts to their present degree of perfection. It is hard to be foiled by them with our own inventions. » They have land in abundance to support and employ their population — but we have not. A3 they progressively take our trade from us, still greater numbers in this thickly peopled island, are thrown out of employment. Let us continue as we have been termed — *' A nation of sho{>- keepers" — whilst they cultivate the soil, &c., as formerly. The government of this country could retaliate on those who prohibited oi* laid heavy duties om our goods — at any rate they could not rival and undersell us, where the markets were open. A full, fair, and free trade, might please all parties. Wliat are the cotmderatians whidi seem to »m- Ihtate against the adoption of the ,pUm6 suggested, as it seeais evident from the arguments adduced, thcif XXXVIIl APPENDIX. they are well calculated not only to remove on equitable principles the ruinous burthen of our taxation, but also to give us an excellent trade, and a circulating medium of a far more safe, eli- gible, and satisfactory nature P There is reason to suppose that prejudice will have considerable weight, especially with those who do not clearly understand their nature, rela- tive bearings, and probable effect, one part of the system would not do properly without the others. Some gentlemen of great abilities have consi- dered them as founded on a proposition, for a sort of national bankruptcy^they are greatly mistaken ; not even the slightest breach of either public or private faith was ever contemplated, (unless paying our just debts, and doing justice to the public, is so termed.) The ground work of the plan is merely a reduction of our nominal valuations, on safe, simple, eligible, and equitable principles, for the purpose of bringing them on a par with other countries, to enable us to trade and act with them on fair and equal terms — and at the same time to produce many other highly important advantages, without any injurious ef- fects—' APPENDIX. XXXIX ( fects — which, of course, would be very different to a bankruptcy. As to the present multifarious. 4iapcr money system, it must be evident to every man of dis- cernment, that a complete reformation, with re- gard thereto, is absolutely necessary. Probably ten times more has been lost to the public by the failure of bankers, during the last twenty-five years, than by all the robberies which have been committed during that period. Why suffer more than one description of paper to cir- culate ? And who so proper as Parliament, (who hold the strings of the public purse) to sec to the quantity, and guarantee the quality of the cir- culating medium ; doubtless it would be best for national notes and cash, to constitute the whole of it — and the present bank, (instead of establish- ing another) for a suitable remuneration, might do the business. If the country bankers were restricted from issuing any other sort of paper, they could not do much injury. '^ The idea of ministers, (in sucli case) being more lavish in their expenditure, is altogether tiroundlcss. i , {n/^^/^/ry ///r /r/-///^' i^^^^-'i /.'>^^/> /*/y^f^/yc^' /^a///< /c'r^r/' ^ ^ V^ v^ f^'-5 ""^ APPENDIX. x^^ f ^'jT^gfroundless. Parliament, of course, would con- '^"'sj ^ ) V^5 troul and direct those matters. $i ^v^^^'^ ^^ There is -•••» reason to suppose that the equal- \^^ ^ §^ J^^"o export duties would produce, at least, from "Jii rt^"^ ^ fifteen to twenty million per annum, which would $ CvJ Jn? >,^ t>eas serviceable as sixty or eighty at our present '^ImI'^^I valuations.* ^-^-^— ovS>^ "^ 1^ ^^ *^ ^^^^ ^^^* *^^ collecting of the revenue, \^v^,^N isxt costs annually about four million and a half— wis ^>s\$ ^ ^ most of the commissioners, officers, &c. might Vv-'^X, ■> be transferred to other duties in the export ^ $ § ^ ^^^ ^ 1^^^ x^'n offices, public granaries, public works, &c. &c. ^-|^ ^^ vj ^ * I' should be recollected, that copper, tin, lead, cast-iron, ^JwS \. ^ ^x: wrought-iron, steel, coals, stone, slates, salt, and all other arti- ^^^ ^^ '^ ^ ^ cles whatsoever, of British production, by the peculiar opera- ■^VN^ S'Ji \ tion of the measures proposed, would be reduced to a fourth- Ss; p" ;| -L ^ '^ part their present price, without injuring the proprietors in the ^ V^N^ ^^^)v: slicrhtest decree — and as most of those articles would then bear V>§ \i^ V ^ ^ * ^^''y heavy export duty, and yet be afforded at a commanding ^^V^ ^^"^Nj P''i<^6 in foreign markets, they would add grecitly to the amount nJv^ ^ v: ^ <^ ^^ of the revenue, and place all our mincr^, &c., in a wonderful ^^^^" ^ ^^^^ '^ ^ ^^^^ *^^ activity and prosperity, and render them more beneficial Kv^ ^"^ '^jv^ to government and the public at large, than any gold or silver *' ^ '' 'ncs ever discovered. Consider their present discouraged ^^ Is: VX ^ stale, and view the contrast. ^ 1^ ■: > vjV- APPKNDIX. Xli The superaniiated might have stiitable pensions for life —and of course, (as in all other cases) the expence would be reduced to a quarter the amount, without operating to the disadvantage of the parties. On mature reflection, it will be found that the plans which have been proposed, are not calcu- lated either to decrease, or materially increase ministerial patronage — and that nothing short of a general reduction of our nominal valuations, and a removal of the immense pressure of taxation, can possibly remove prevailing distress, and make the country prosperous — probably no means can be devised more equitably, safely, speedily, and effectually, to accomplish those desirable pur- poses. Surely the public at large would not have cause to complain, or be dissatisfied, if as a basis to remove nur burthens, and give us a good trade, it was enacted^ that five shillings in cash, should be paid, received, and considered by all his ma- jesty's subjects, as equal in value to any of the present nominal pound notes. Where would be the injury, or what difference would it make to f those Xlii APPENDIX. those that spent their money In this country, whether they received a crown-piece — or a pound note — or in the Uke proportion for any sum whatever, provided they were by law, enabled to pay and satisfy all demands on them in a similar manner. The sterling cash system in a given time, would supercede without any confusion, particular trouble, or inconvenience, all the pre - sent paper money — a nd at the same time, by its peculiar operation, would reduce the nominal valuation of all our property, payments, and pro- , ductions, to a fourth-part what they now are — - that is to say, to about the same they were in this country about fifty or sixty years since, and nearly on a par with the primary valuations, at the present time in other parts of the world , i^ Why should we aim to support our present imaginary estimations, as it yields us no real be- nefit — })ut on the contrary, serious loss — by giv- ing to foreigners every advantage and opportu- nity of progressively robbing us of all our trade &c. ; private individuals, in abundance, have suffered by similar considerations — and a nation may be ruined by it ? The »t -.^/^/ /^ /o ^^v- « ^^ /A^:dix. xllii Tlie bankers who have issued tlie present no- minal notes, would not derive those advantages which many might be led to suppose, as all their securities, estates, and property, (in common with all other property) would be reduced from the nominal to the sterling value, in like propor- tion. It is true t^e holders of the precious metals would derive advantages which paper holders would not ; but as the former would not do the latter the slightest injury — mere envy should weigh lightly. At present there is no gold coin in general cir- culation — the amount of the silver not very ex- tensive — and being widely distributed, is quite unimportant, in a national point of view. ^ G^0 As to the copper money, of course it would pass (like the bank notes) at its present nominal valuation, till superceded by a new coinage adapt- ed to the average price of that metal on the con- tinent* — but might be rendered mmc portable and * It nppcaars, tlmt in varies it dilTorent places, but is gene- rally from TkI. to y»l. a pound. Xliv APPENOIX. and satisfactory, by introducing a suitable pro- portion of silver into the composition. If coin to the amount of many millions was shortly to be issued under existing circumstances, it would be found to go to the pockets, and bene- fit foreigners, and aliens — more than the people of this country. In case of bad crops this season, and the re^ duced quantity of cultivation — in consequence of the ruin of many, and great discouragement of all the farmers — together with a scanty stock, through distress, having caused most of them to send it to market — it is likely, (notwithstanding the present low price) that a supply of grain to the amount often, or even fifteen million sterling, will be required in the course of the next eighteen months — and in such case, (together with other drains) by a well known sort of led- ger-demaine, most of the said coin would — VANISH. Experience proves that the present system is highly defective. With all our valuable mines, machinery, experience, ingenuity, industry, per- severance appendix:* xlv severance, and paper wealth, we are completely thrown out of the fair level track of universal commerce. There are no precedents which will serve as a guide for a national renovation — as probably no trading country was 'ever in similar eircum^ stances. New expedients are therefore neces- sary, in order to remove the complicated evils we are labouring under. It cannot be expected that a superficial view of the plans proposed, will enable any person clear- ly to understand them. Men of strong »minds and sound judgment, (if f ul l y divested of prcju- dice and partiality) will soon perceive the truth and propriety o f the arguments adduced — and fully appreciate as matters of expediency, the value and importance of the measures suggested. Let any person picture to himself th-^ won- derful change which the said measures are cal- culated to effect if judiciously brought forward and properly enforced. The stagnant capital of the nation would be brought into laudable action, without breach of public faith, or material injury to the stock- holders Xlvi APPENDIX. holders, and all the taxes, duties, excises, &c., removed. The merchants, manufacturers, miners, and agriculturists would be enabled to sell their pro- ductions as cheap as those of any other country, and give plenty of employment to those who were in need of it. . ' All the ports in the united kingdom might be opened, and a free trade granted without fear of foreigners bringing any thing similar to our own productions at a cheaper rate than we could afford Jihem. Great Britain would then become the centre of commerce for the world — exhibiting the novel and extraordinary spectacle of realizing only by means of an equalizing export duty on its own productions, the greatest and most efficient Re- venue ever enjoyed by any nation — and of course, the sinews of war, in case of need, would be adequately strengthened. The circulating medium fixed on an eligible and secure basis. A fair remunerating price secured to the far- mers — and to the public, an equal certainty of APPENDIX. having their produce at all times on reasonable terms. With means to provide in years of plenty for those of scarcity. And the country restored from distress and embarrassment — to a glorious state of prosperity. As the author is desirous of promoting a spirit of rational discussion, on the subjects proposed, or any other that are likely to benefit the coun- try, questions, observations, or publications, written with candour, and evidently with a view to promote the good of the public, if left for him, at No.^J,Ft/tb5^reat,Sofea with the ad- dress of the parties, will be duly acknowledged and answered. ^/ ^/^/r^//fi ^^^y, //'//////r^/vi^'r^^/ J^ rr-'.^e //'r^c /^/^^/^ rfi?/, T. and I. Elvey, Printers, 30, Castle Street, Holborn.