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deeds of pristine glory, and of modern honour, which twine the wreathe of fame around the brows of Britannia's sons, he proceeds to point out a broad and a liberal path of policy to be trodden by our own government;-draws a strongly marked line of distinction between the low, cunning, shuffling, insolent, political manœvering and diplomatic chicanery of the French and Spanish Courts, and the open, manly, ingenuous, dignified conduct of the British government ;and, then, stating, on very satisfactory gounds, the mutual benefits which must accrue to both countries, from a reciprocal good understanding between America and Britain, he concludes his observations on our policy towards the British nation.
It might perhaps, by some people, be thought, that we have expended too much time in reviewing this work ;-but every true American, who has the good of his country at heart, will immediately see, that too great pains cannot be taken to impress upon the public mind the vast importance of keeping up a good understanding between this country and Britain; and no mode more effectual for the attainment of this desirable purpose can be well adopted, than that of strenuously recommending the most earnest and attentive perusal of the work now under our consideration.
We, however, think it necessary to assure the author, that, notwithstanding his great fears, as to the safety of Britain, and his anxious dread lest she should perish in her present conflict with France, she, in reality, now stands upon a firmer and a broader basis of permanent power, than she has ever yet done since she has been a nation.
The two main pillars of support to every country, are, the spirit of its people,--and its system of Finance. Now, both these are continually augmented and strengthened in Britain, by the continuance of the war ;—for the very existence of the war increases her commerce, and, consequently, augments her annual taxable revenue;—and it also keeps up, and adds to the spirit of the people, by the frequent recurrence of naval victories, proving, beyond all power of contradiction, that the British have only to prevail upon the French to fight, and the beating them follows as a matter of course
From the Admiral of the Channel Fleet, down to the little cabin-boy, every individual in the British navy, despises Napoleon, and all his loudly vaunted might. When Nelson was bombarding Copenhagen, he said-these Danes take ten times the beating that will satisfy the French.
By the taxable revenue of Britain we mean, the annual revenue remaining, after all the expences of putting in motion the machinery of government, the annual support, and sustenance, and industry of the whole British people, both productive and unproductive ;—this taxable revenue amounts to more than one hundred and fifty millions sterling, and the war-expenditure does not average more than sixty millions sterling, annually.
The average annual value of the imports into Britain during the last seven years, was twenty-nine millions, eight hundred and forty thousand pounds sterling-and the average annual value of the exports from Britain, during the last seven years, was thirty-five millions, nine hundred and ninety one thousand pounds sterling.
Such is the extent of her foreign commerce; her internal commerce, that is, the trade between town and country, which is always, by far, the most important and extensive branch of the trade, and of support to every nation,--and her agricultural produce, though not reducible to such accuracy of statement, on account of many of its articles not being subject to the inspection of the government-revenue officers ;are well known to be, now, much greater than at any former period of time. So that the subjects of the British Empire, with some very few exceptions, feel less, at this moment, the various burdens of taxation, which are necessarily laid upon them, than did their fathers in the commencement of the eighteenth century.
The quantity of gold coin, in continual circulation in the British Empire, now, amounts to forty three millions, nine hundred and fifty thousand, and forty two pounds, sterling. And the paper-money, in circulation, far exceeds that amount.
As for the wonderful alarm, which the magnitude of the British national debt strikes into the minds of ignorant and superficial people, as menacing the ruin of Britain, every man
who is acquainted with the British Financial system, knows, that, in consequence of the sinking fund, and other means,which we have not leisure now to detail,-lately adopted by the British government, it is reducible to arithmetical calculation, at what day and hour the whole of the national debt will be redeemed. Any man, moderately versed in political arithmetic, may make a table of the several dates, when the old sinking fund shall have increased to its maximum, or greatest annual amount, i. e. four millions sterling, a year,— adding thereto the two hundred thousand pounds sterling, annually voted by the British Parliament ;—and, also, a table of the dates, when the whole amount of the debt, incurred before the year 1793, will be redeemed by the operation of the sinking fund, according to the several average prices, at which the three per cent. British funds may, hereafter, be purchased.
He may, also, calculate, with all the certainty of mathematical demonstration, the several periods of time in which each capital of public debt, bearing interest at three, four, or five per cent. per annum, respectively, will be redeemed by an annual fund of one per cent. applied by quarterly issues, in purchasing those capitals, at the several average prices, at which the three per cent. British funds may be redeemable.
Those blind and vulgar politicians, who understand just enough state arithmetic to count the battalions of an army which is drawn up before their eyes, and to guess at the amount of requisitions, when an enemy lays them under contribution ;-those pedling, pseudo-patriots, who are ignorant of this great and important truth, namely, that the good which accrues from the mere saving a few paltry pieces of money, is easily seen, and soon told; it is just the value of the number of the masses of pelf, which are hoarded,—but that no tongue can utter and no imagination conceive the incalculable evils which result from that beggarly, that idiot parsimony, which cripples the growth of national ability, and locks up all the virtue, and all the talent, and all the enterprize, and all the honour of a whole people, in the eternal frost of governmental knavery, and individual avarice ;-no doubt, all these men, may, and will affect to disbelieve our statements concerning the British system of France ;-but we do speak, that,
which we, ourselves, have seen and known; and our testimony is true;—and the British people will, after a while, feel the truth of our remarks; for, as the dividends due, on such parts of the old debt, as shall be paid off when the sinking fund shall have attained its maximum,-and the annuities, which shall, afterwards, fall in,-the short annuities have now but a very few, we believe, only four or five years, to run,—will be at disposal of the British Parliament, the period of repealing taxes annually, to an equal amount of the revenue which arises from the capital of debt, then to be extinguished, cannot be delayed more than nine, ten, or eleven years, according to the average price of the British Funds.
The veriest child in political economy knows, that the low rate of interest for money, and the high price of land, are in any given country two most indisputable proofs of the general prosperity of that country.-In Britain, about a century since, the interest of money stood at from eight to ten per cent.— we speak of the market-price, and not the legal rate of interest, and landed property fetched a purchase-money, valued at a period of from fourteen, to nineteen years.-Now, at this moment, the market-price of interest in Britain is less than five per cent. and the value of landed property is from thirty to forty years purchase.—In France, at this time, money produces more than twelve per cent. interest, at the average market-price; and landed property is not valued at more than fourteen years purchase.
According to the calculations of that celebrated political economist, Sir William Petty, the ancestor of the present Marquis of Lansdown, the total wealth of the British nation, real, and personal, in the year 1664, amounted to two hundred and fifty millions sterling, giving an annual profit of fifteen millions, sterling.--Now, at this moment, while we are penning our testimony of individual truth, to the national power of the British empire,-the value of property, landed and personal, in Great-Britain, amounts to two thousand seven hundred millions sterling, giving an annual revenue of four hundred and five millions, sterling, at fifteen per cent. which rate is allowable, if we consider, that those who borrow money at the market-price of interest, must be enabled to gain a sufficient profit upon that money, to maintain themselves, pay
the interest, and in process of time, liquidate the borrowed capital: in Britain, the average annual value of land is generally calculated to be three times the amount of the annual rent paid to the land-lord: that is, one third of the annual value is paid to the proprietor of the soil-one third is expended in maintaining the land in due, and husband-man-like repair,— and the remaining third goes to the support and sustenance of the renting farmer and his family.
In a word, no one, who has had an opportunity of examining the resources physical and moral, of Britain, can hesitate, for a single moment, to assert, that Napoleon, even if he succeeded in combining all Europe against her, in shutting her out from all the foreign markets in the world, that, even then, it would be more easy for him to turn aside the waters of the ocean from the hollow of their bed, or to darken the beams of the noon-tide Sun, at his command, than to subdue, under the yoke of bondage, the high, reluctant, dignified, indomitable spirit of the British people ;—if he even succeed in making good his landing on their sea-girt isle, he will find, that the tide of hostile invasion will be rolled back upon him, and upon his slaves, by the living rampart of British bodies ;that every day will be a day of battle,—that every inch of ground will be floated in the blood of his bravest followers,— and, that the subjugation of Albion can only be purchased by the slaughter of all her children.
(To be continued.)
EPISTLES, ODES, AND OTHER POEMS, by Thos. Moore, Esq. (Continued from Vol. 2, No. 4, page 241.)
WITH his accustomed blending and intermixture of all
that is lovely with all that is detestable, and thereby rendering his book the more pernicious, and himself the more base, Moore, now presents us with some exquisitely interest ́ing lines to Cara, which prove, that there are moments, when the better feelings, and the purer the more honorable affections of the heart, predominate over the demon of licentiousness, and the fiend of profligacy, even in the bosom of him, whe