he infers, from the fact, as a confequence, how languidly trade was then carried on. From 1744 to 1771 there have been yearly, thrice thirty-four [bankruptcies]; which is a proof, he adds, of the rapid progress of trade. Every cne, he concludes, is roused to adventure, though every one cannot gain *. Had all been like this! but, alas! feldom is it, that Lord Kaims, with all his celebrity for labour, ftates his facts, with fo much accuracy, or draws his inferences, with fo much precision. We may fee a fimilar progress in the annals of our commerce, in England. In the infancy of our traffic, the bankrupt was regarded by the law, as a criminal, who had defrauded his creditors. When commerce began to be more practised, and better understood, the bankrupt was at length confidered by our legiflature, and lawyers, as unfortunate, rather than fraudulent t. The trade of Eng land, Sketches of the Hiftory of Man, 12mo. 1ft vol. page 92. Stat. 34. Hen. 8. ch. 4. This was almost totally altered by 13 Eliz. ch. 7. whereby all períons using the trade of merchandize might be made bankrupts. The 21 Ja. 1. ch. 19. comprehended, in this description, fcriveners. The year 1718 may be confidered, as the true epoch of that favourable change, in our jurifprudence; whereby bankrupts are regarded, as rather unfortunate, than as fraudulent. It was the temporary ftatute of the 5 Geo. 1. ch. 24, for preventing the frauds committed by bankrupts, which firft directed, that an allowance fhould he be made to fair bankrupts. This act was perpetuated by the 5 Geo. 2. ch. 30. whereby bankers, brokers, and factors, were made liable to the ftatutes of bankruptcy. Tradesmen, fuch as fmiths, fhoemakers, and others, of that defcription, may be bankrupts: land, after languishing, in its childhood, for ages, was, even at the commencement of this century, only in its infancy. And, at that epoch, we had scarcely, in England, forty bankruptcies, in a twelvemonth. I have, in queft of facts, infpected the London Gazette, that melancholy chronicle of our commercial failures; and from it have compiled fuch a chronological statement of annual bankruptcies, as hath all the accuracy, that fuch an inquiry eafily admits, or abfolutely requires. I have thrown it into the comprehenfive form of a Table, which is here fubjoined: bankrupts: but, not farmers, graziers, drovers, (in England;} nor, the King's receivers. The debt must be £.100, other wife the debtor cannot be made a bankrupt. A fimilar change has alfo taken place, in the law of Scotland, during our own times. Thus much of the law was thought neceffary, for the explanation of the subsequent statements. A TÁBLE A TABLE; fhewing the Number of BANKRUPTCIES, in every Month, during the following Years, 1700 1701 170 from 1700 to 1793 |1714 1715 1720 1726 1727 1728 1736 1737 1738 1739 1740 1741 1744 1745 1746 1748 1749 19 231 15 17 20 19 17 12 231 333234 17 61 22 34 39 34 Q 18 131 30 37 40 36 58 32 20 19 351 331 15 16 27 22 396 20 24 15 29 27 27 20 27 20 16 21 20 29 20 271 24 24 25 8 16 21 15 12 20 14 14 14 September 13 IC 20 32 20 20 11 16 17 16 IC 22 24 17 13 15 10 10 9 7 8 16 8 13 17 Otober 2 141 10 22 37 34 32 November 16 16 38 44 1 IC 13 13 34 491 37 351 333 31 27 151 251 21 17 20 16 9 IO 23 10 3838 30 200 173 169 235 415 446) 388 240 220 232 263 288 255 197 200 159 226| 2001 1752 1753 1754 1756 1757 1762 1763 1764 1772 1773 1774 1778 1779 1780 1781 1782 1783 1784 1791 1792 1793 281 571 501 38 33 61 4.6 67 60 58 January 26 24 23 24 25 39 48 62 29 50 24 151 31 19 14 2.1 33 31 49 33 64 431 41 April 20 26 26 26 30 47 53 33 531 48 39 34 17 42 37 57 351 70 12 42 42 69 158 30 34 66 47 70 158 214 244 278 274 205 233′ 301 525 562 360 675 544 449 438 537 528 517 604 6281304 Here, Here, let us paufe awhile.-This curious, and inftructive, table, furnishes important facts, which inculcate useful inftruction. Lord Kaims could have calculated the amount of our commerce, at any given epoch in it, from the number of bankruptcies. And, indeed, it is apparent, that in the exact proportion, as our traffic increased, from its infancy to manhood, the number of bankruptcies, at every period, bore a juft proportion to the amount of our trade, and the frequency of our commercial dealings. The traders continually adventured out upon the uncertain ocean of commerce, though they did not all return, with happy gales, and equal fuccefs, into port. And, the nation, which beheld the shipwreck of their fortunes, grew rich from their enterprizes, while fhe pitied the unhappiness of their fate. If this table be a faithful mirror of our commercial misfortunes, we may fee, that the commencement of Queen Anne's war did not greatly incom-. mode our traders. The buftle, and business, of her hoftilities appear to have increafed the number of bankrupts. The rebellion of 1715 feems to have made none. The South-fea year, 1720, appears to have involved our merchants in the burst of bubbles, though it was public, rather than private, credit, which was chiefly affected, during this unhappy year of projects. Our bankruptcies now regularly increased with the augmentation of our trade. The rebellion of 1745 overturned none of our commercial houses. The war of 1756 feems to have done done a little more mischief, though that mischief seems to have decreafed, as hoftilities went on. The peace of 1763 augmented the number of bankruptcies, though the commercial diftreffes of that period seem to have been more in found, than in reality. With our traffic, and business, our bankruptcies continued to increase in number and magnitude. We perceive how many they were augmented, during 1772 and 1773, when our circulation was impeded, at a moment of uncommon profperity. We fee a smaller number of bankruptcies, in 1781, when our trade was the moft depreffed, during the American war, than in 1772, and 1773. The two moft profperous years, which this nation ever knew, were 1791, and 1792: yet, ftrange to behold, the number of our bank+ ruptcies was larger than the amount of 1781, the most difaftrous year of the late war'; fo different are the informations of fact from the deduc tions of theory. We might learn from experience, that profperity generally leads on to adversity, as the higheft health is often the forerunner of the worst diseases; the chills of ague, or the flames of calenture. We perceive, through the feveral months of 1791, and ftill more, in 1792, that there lurked, in our commercial habit, the predifpofing causes of our commercial maladies, which broke out into fuch a paroxyfm, during 1793. Owing to caufes, that the faculty have not explained, this influenza appears to have raged uncommonly in the month |