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arises from the sympathy of love when commanded by dignity.
Spurzheim maintains, that in the brain may be seen indications of natural bad qualities. Mr. Oakley thinks otherwise, and that all beings are, by the Creator, made perfect (some few instances excepted), and that imperfections grow from the cradle, and are too often found to imbibe pernicious matter from the poisonous instructions of the weak, illiterate, and ill-bred gossips, by whom they are fostered and ushered into the world.
Upon the whole, both entertainment and instruction may be derived from Spurzheim's book. Mr. Oakley has had much amusement in perusing it, and requests Mr. Southcote to accept his best thanks for having indulged him with it so long, and to accept his apologies for not having returned it sooner.
To Messrs. MOORE AND Co. NOTTINGHAM.
Royal Exchange, December 2, 1816. The city is at this moment thrown into great consternation : an outrageous mob, with fire-arms, preceded by a red Aag, have suddenly made their appearance in Cornhill. I have just learnt that some of the ringleaders have been seized, and that by the active vigilance of the magistracy they are dispersing. Still every thing wears a terrific aspect : the military are parading at the Bank, and the Exchange is guarded — all shops shut up; and some, where fire-arms were deposited, have been broken open, and the arms forcibly taken away : it is reported some lives are lost. The citizens are flocking to the Mansion House to be sworn in constables. This riot is supposed to have emanated from the Spafields meeting; but by the vigour displayed by the mayor, and supported as he is by the military, I do not apprehend further mischief.
A very slight depression in the funds - Consols 627.
I remain, Gentlemen, &c.
To W. H. SMITH, Esq. MABLEDON PLACE.
Tavistock Place, December 15, 1816. I had last night a conversation with Mr. Flack, of the Russell Institution, touching the use of two rooms in that building, which, with the approbation of the committee, would be excellently adapted for the purpose of holding our meetings. I took the liberty to request he would suggest it to the committee; and I think, when the subject has been mentioned, if Mr. Hathorn, yourself, and the respectable gentlemen whom I had the honour to meet a few nights since, were to address the committee upon the subject, that it would produce, if not a gratuitous offer of the use of them, some attention in a pecuniary way.
There is a committee room and lecture room, with a private access to them leading from Little Coram Street, a communication that would not interfere at all with the establishment. I throw out this hint for your better consideration, and beg to assure you of my zeal for the perfecting of our infant Institution, as also that
I am, dear Sir,
To the EDITOR OF THE MORNING CHRONICLE,
UPON THE FINANCES OF THE COUNTRY.
Royal Exchange, January 20, 1817. The embarrassed situation of our finances seems to occupy the attention of every description of persons.
The revenue statements, which were used to be considered intricate, are now beginning to be understood by the public, and are looked into with as much avidity as the accounts of revolutions, battles, and the dismemberment of empires. Distress is so general, and the examination of bankrupts' estates so much gone into, that persons of almost every class in society become familiar with the most intricate accounts; so that out of the great evil arising from public and private embarrassment, good may arise by an investigation of the great machine which rules the whole.
Government, which I compare to a commercial house, is, or have been, the great monopolizer of trade, and for the last twenty years has engrossed the commerce of the world. Its connexions have been numerous, its credit great, and its power excessive: it has been enabled, by shaking the credit of foreign states, to add stability to its own; and, with great facility, to create a capital of eight hundred millions, borrowed upon the faith and pledge of Parliament to be again returned. But, alas! the days of prosperity are past! This overgrown house, although not broken, is shaken to its centre : its returns are not equal to its expenditure; its connexions are diverted into different channels; its foreign trade annihilated, its home consumption of manufactures abridged, and the manufactories at a stand still. In this state of embarrassment the country now stands, or rather totters. Its debt of eight hundred millions is pledged for an annuity of thirty millions; and, by a fallacious system for its annihilation, thirteen millions more are drawn from the pockets of individuals to carry it into effect : add to which, a peace establishment of twenty-seven millions more, swells the annual amount to seventy millions, attempted to be wrung from the industry of its population. I say, attempted; for it has failed in the attempt. The statement, or balance sheet of this great concern, exhibits a deficiency of eighteen millions of its anticipated profits, with all its weight of debt and obligation to the public creditor. This, sir, is a frightful prospect; the legislators of the state must act as commissioners under a bankrupt, and investigate to its very core, why and how it has arisen, and show to its creditors the actual state of its affairs, and endeavour (if possible) to arrive at a rest and settlement.
It has been stated in the public prints, that proof of our riches may be seen by a glance at the money market, where the commodity is to be obtained at 4 per cent. This is in part true.
“ 'Tis pity! and pity 'tis — 'tis true!" But this is easily accounted for. The merchant, deprived of making 20 per cent upon his capital, is driven to the hard alternative of either making 4 per cent by the purchase of Exchequer Bills, or letting his capital remain idle and useless. But how will this come out in the balance sheet of next year? He who paid twenty pounds for the variety of luxuries he indulged in, (all of which
are subject to taxation), will only be able to contribute one-fourth of that amount. With this frightful prospect of defalcation in the revenue, what hope have we of being extricated from our difficulties, but by a bold, manly, and honest determination of lopping corruption from the stem of the constitution, and adopting a system of rigid economy, from the highest subject in the realm to the lowest offices in the state.
My opinion is this. Let the sacred faith of Government be kept towards the public creditor: thirty millions a year will answer to this pledge. Let the debt stand upon its own bottom: no matter what price it be, so long as the interest is paid. Let that fallacious plan of redemption, which only gives facility to a greater creation of stock than it redeems, be done away; and as taxes are raised to keep this machine of thirteen millions in motion, apply them to an economical carrying on of the government; (and why should it not be carried on for this amount, insulated and protected as we are by nature and our wooden walls ?) Then, and only then, will the country begin to assume an healthful hue : cheerfulness will gladden every countenance, and contentment rest in every British heart.
Independent of forty-three millions, as stated above, for the interest of the debt and sums applicable to the Sinking Fund, there have been taxes to the amount of nine millions only come in, in part of twenty-seven millions for the peace establishment, making together fifty-two millions, to answer an expenditure of seventy millions, thereby leaving a deficiency in the ways and means of the last year of eighteen millions, as before stated !!
Let the Chancellor of the Exchequer be cautious