reasoning be conformable to general experience, it is because, an extravagant rate of exchange is capable of being checked by the transfer of bullion; and a high price of bullion by an increased im portation of it, in return for some other article. But it may be safely affirmed, that in this country bullion is, at present, really scarce, and that an increased supply of it, except to a very limited amount, is unattainable. The country from which Europe derives its principal yearly supply of the precious metals, is glutted with our manufactures; at that market, therefore, bullion is become much dearer than usual with reference to those articles, by means of which we have always been accustomed to purchase it. The losses of the traders to South America cannot be doubted, after the application addressed to the legislature in behalf of the sufferers by this, as well as by other branches of commerce. It may be said, that Hamburgh, Amsterdam, and other places, could furnish a sufficient supply for all our purposes. They certainly could, if we were able to convey to them an equivalent return; but that is impracticable. Every post which arrives from the continent announces the execution of Buonaparte's anti-commercial decrees, and evinces the insufficiency of mercantile artifice when opposed to his absolute power, and unremitting vigilance. That some British manufactures, and a considerable amount of colonial produce, introduced almost insensibly, and through a variety of small and unsuspected channels did, for a time, obtain admittance to the continental markets, is, indeed, indicated by the recorded rates of exchange. Some clandestine traffic in these articles may still exist; and tend to check, in some measure, that drain of the precious metals, which is daily becoming more formidable, and of which the existence is proved by the depreciation of our paper. That paper is depreciated with reference to all other articles, as well as to gold and silver, has, indeed, been asserted, but the assertion is manifestly untrue, with respect to all the necessaries of life, of which the nominal value has not even experienced that degree of rise, which might have been expected from the natural effect of increased taxation; and it probably would be difficult to point out a single article of which the dearness is at all proportionate to that of the precious metals.

This slight sketch will perhaps be sufficient to explain those peculiar opinions of the author, which are connected with the much litigated question with respect to our circulation. His concluding advice shall be given in his own words:

"The only effectual means of remedying the various evils which at present exist, with regard to the state of the commerce of the country, its circulating medium, and its finances, is to regulate our commercial relations by the maxims of a more vigorous and decisive line of policy.

As

As the prohibitory system, which is now so rigidly enforced on the con tinent, precludes us from the benefits of any export trade to it, it is in, dispensably requisite, that we should endeavour to counteract this evil, by opposing to it similar measures.-If, however, any exception be made to the general plan of closing our ports against all importations from those countries, where our exports are not admitted, it should be confined to the admission of such articles only as are of indispensable necessity. There are but few commodities which we could not procure from other places, with which we should at the same time have the full benefit of a reciprocity of commerce; and there can be no doubt, that, by judicious arrangements, we might, in a very short period, render ourselves completely independant of the Baltic powers.-Pursuing that course of commercial policy which the peculiar circumstances of the country ap pear so urgently to require, we should admit of an unrestricted export, trade, and limit the importations from those countries alone, where our exports find admittance, deviating from this principle only in cases of absolute necessity. Should such measures fail in their intended effect, as to a general commerce, they would at least counteract that most. injurious balance against this country, which arises from our excessive importations from the continent. They would consequently, too, bė eminently conducive to the re-instatement of an advantageous course of exchange, and would reduce the present very high price of bullion, which has been principally occasioned by its great depression. The apparent depreciation in our paper currency would be corrected, and its relative value would soon be nearly, or quite equalized with the intrinsic value of the precious metals.'

}.

On the first of the two pamphlets with which we have been oc cupied, we have very little to remark. The writer's arguments, admitting the correctness of the premises, which, in the present state of our information, we are unable to controvert, are fairly deduced, and his expressions, though earnest and vehement, are not intemperate. The only passage which we must except from this general commendation, occurs in p. 61, where he deduces the licence trade from the orders in council, and represents it as the legitimate offspring of that unnatural measure,'--as deeply imbued with the hereditary taint of the parent stock, &c.' We entirely object to this metaphorical filiation. We admit that our government, when they retorted the defiance of the enemy, and subjected his coasts to the blockade which he had proclaimed against ours, reserved to themselves the privilege of excepting, from the general interdict, the commerce of those neutrals who should acquire a claim to such indulgence by vindicating the just rights of neutrality. But we deny that any modification of a measure which we are still inclined to consider as wise and dignified, and which certainly breathed a spirit of open and undisguised hostility, can be fairly assimilated to a system which is described as a tissue of simulation and dissimula

tion, and as tending to undermine the foundations of justice, and of moral feeling.

The second pamphlet possesses the singular merit of preserving, throughout, the same unpresuming tone which is employed in the preface. It contains a good deal of information, though not always happily arranged; and the author appears to have studied, with much attention, the interest and policy of the northern powers, particularly of Russia; and to have suggested the most probable means of counteracting the influence of France in that part of Europe. On the much contested subject of our currency, his arguments, we think, are sometimes embarrassing, but by no means conclusive. We know not how to defend the alleged amount of our favourable balance of trade against his objections; and we are not sure, that even by establishing the alleged amount of it, we should satisfactorily refute his principal position. Mr. Irving has stated (App. Bul. Com. No. 73.) the favourable balances on our whole trade, during the five years ending with 1809, as forming an aggregate of fifty millions; which gives an annual average of ten millions. It is to be observed, however, that in his estimate, he considers the freight as principally paid to British ship-owners. Now, it has been asserted by authority, that the freight alone, which was paid to foreigners in 1810, amounted to five millions; and that, during the same year, our foreign expenditure did not fall short of eleven millions. On these grounds, therefore, we have our doubts, whether the national income is, in fact, sufficient to furnish the pecuniary means of defraying the national expenditure.

If this be, indeed, our situation; if, notwithstanding all the boasted advantages of our improved agriculture, it be necessary for us to send out annually about seven millions in bullion or coin for the purchase of wheat; if our military expenses must also be defrayed by a constant emission of the precious metals; and if our stock of bullion cannot be annually replenished; it certainly follows that there is an urgent necessity for the adoption of the remedy recommended by our author, and that the repeal of the restriction bill would not have enabled us to persevere with impunity in a trade which he represents as equally disadvantageous and immoral. But so far only, in our estimation, do his arguments warrant his conclusion. If the efflux of the precious metals be rendered, by our own impolitic acts, more rapid than its influx, let us resolve to adopt a more rational system of policy which will stop the drain. But why couple this resolution with a manifest absurdity? Why issue promissory notes, of which the payment is known to be im possible, and declared to be illegal? Why call that money which is circulating credit; which, because it is so, is subject to indefinite variations of price; and why alter, by means of this misnomer,

the

the legitimate and definite measure of value?-But it is time to take leave of our author, and of a question, the real merits of which must soon be placed out of the reach of controversy by the unerring test of experience.

ART. XI. Psyche, with other Poems. By the late Mrs. Henry Tighe, large 4to. pp. 314. Longman. London. 1811. THE poem from which this volume takes its title, though hither

to unpublished, was, as the editors inform us, printed for private circulation some years ago. The death of the author very naturally suggested to her friends the idea of more widely diffusing these memorials of her taste and talents; and the admiration which the Legend of Love is known to have excited within the limited sphere of its previous existence, no less naturally renders it, on its public appearance, an object of curious attention to the

critic.

With the poem, the editors have reprinted a preface, which the author originally prefixed to it, and which is explanatory of her general design. This was no other than to shadow forth, under the guise of a tale, altered from the ancient and beautiful apologue of Cupid and Psyche, the trials and triumphs of virtuous love. Mrs. Tighe here professes her despair of affording universal satisfaction even to the small and, as may be supposed, indulgent circle of readers whom she was addressing; and this, from her consciousness that there were some among them, to whom all allegorical writing was distasteful. She does not, however, stop to examine the justice of the prejudices entertained by persons of this disposi tion; nor are we, on our part, inclined to revive the discussion of a question which the commentators and critics on Spenser have discussed to satiety. At the same time, it appears to us that those writers afford few clear ideas on the manner in which an allegorical representation of moral truth may best aim to produce its effect; or, in other words, at the exact object and properties of this species of composition; and, since from the due resolution of that question must be derived the only test by which the merit of a particular individual of the species can be decisively tried, we may be pardoned for bestowing on it a few words.

According to popular conception, the fundamental principle of poetic allegories of the moral kind, is that they add fresh attractiveness to the lessons of virtue and practical wisdom, by clothing them in all the mingled fascinations of narrative and poetry. Pure and just sentiments, it is supposed, when thus set forth, recommend themselves

& G4

themselves to the fancy by the accompaniment, and to the memory by the association of complicated incident, and brilliant description. But, though it may be allowed that compositions of this class are not ill calculated to serve the general purpose of conveying pleasure and instruction, we greatly doubt whether the vulgar notion of the process by which the operation is effected, be correct. It is not quite apparent to us that the excellence of such compositions in practice, exactly coincides with their excellence in theory.

The perfection of allegorical poetry, as indeed of all ornamented narrative, must, to a great degree, obviously consist in its graphical truth and vigour :-in the creative and realizing faculty of the poet; -in the skill with which he infuses life and individuality into all his scenes and figures. It can hardly be denied, therefore, that, so far as immediate and powerful impression is concerned, the effect produced on us by the productions referred to, is proportional, not to our perception and recognition of their emblematical character, but rather to our forgetfulness, or at least, to our neglect, of that circumstance. For the time, we surrender our minds to the belief of their actual and literal truth. It is not meant to be affirmed that the illusion ever is, or can be complete; but merely, that, to the force of the illusion, whatever it be, the interest excited must generally bear a given relation; and, by consequence, that the poetical effectiveness of the story is, thus far, altogether independent of its didactic tendency. No man, of the most ordinary sensibility, ever read the noble description, in Spenser, of the single combat between the Redcross Knight and the Saracen Sansjoy, who could allow himself to reflect that, by this visible battle, with all its picturesque circumstances of prelude, was symbolized a conflict purely mental, or the struggle in the mind of a Christian between the principles of religion and infidelity. The same remark may be exemplified with respect to the splendid portrait of Prince Arthur, on his first rencounter with Una.

At

Upon the top of all his lofty crest,

A bunch of hairs discolour'd diversely,

With sprinkled pearl and gold full richly drest,

Did shake, and seem'd to dance for jollity;

Like to an almond-tree ymounted high

On top of green Selinis all alone,

With blossoms brave bedecked daintily,

Whose tender locks do tremble every one

every little breath that under heaven is blown.'

Surely it is impossible that any mind, endowed with a capacity to feel the beauties of such exquisite imagery, or to appreciate the rest of the description, should divert its regards from this splendid

picture