Happy is it for mankind, that they fee little into futurity. Had it been forefeen that, in a few months, at the commencement of hoftilities, a hundred banks would ftop, and in the fame twelvemonth, thirteen hundred bankruptcies would happen; the whole nation had trembled to its center. Posterity will scarcely credit the record of the facts, that after such a storm, in three little months, our confidence and credit, were restored; commerce flowed in its ufual channel; and our ships failed with their accustomed gales. Aye, say you*,

unprecedented, and alarming, measures were re"forted to, in parliament, to prevent the univerfal "wreck of credit." I have not fearched the Journals for precedents. Perhaps the parliament thought with Lord Hardwicke, that, if there be no precedent, we will make one. The very first emiffion of exchequer-bills, however, in 1696, for fupporting credit, and helping commerce, during the recoinage, was a precedent in point †. But, the iffuing of exchequer-bills, in 1793, was, it seems, an alarming measure. There were, no doubt, fome crocodilean tears fhed, within doors: and your letter is blurred with crocodilean ink, throughout. Yet, will I affirm, that your town of Liverpool was fupported, and foothed by the bill, enabling

In page 2.

+ Anderfon's Chron. Com. vol. ii. p. 213.-It is worthy of emark, that in 1696, there were exchequer-bills iffued for as fmall fums as £.5 each, which proves, that they were intended for common ufe.

.

the corporation to iffue notes for ftrengthening the credit of her traders *. The whole nation was alfo fupported, and footbed, by the appointment of commiffioners, for granting aid to private credit, by exchequer-bills. There never was a measure, fo little alarming, and fo compleatly effectual, as this immediately proved. Of the £5,000,000 of exchequer-bills, that were allowed, the whole number of applications for loans was 332, amounting, in all, to the fum of £.3,855,624. Of thefe appli cations, 238, amounting to the fum of £. 2,202,200, was granted. Of the remaining 94 applications, 45 for the fum of .1,215,000 were withdrawn, or not pursued by the claimants: and 49 applica

*One of the first and moft intelligent merchants in Liver pool has just given me the following account of the effect of the act of parliament, for empowering the corporation of that town to iffue notes: "The public expectation, that, the bill

folicited would pass into a law, adminiftered effential, and "extenfive relief. This greatly, quieted apprehenfions, and 66 was very inftrumental, in restoring mutual confidence: it "alfo gave men time to recollect themselves, and to look for,

and ufe, 'thofe refources, which are not often wanting to "traders of character, and property, in times of need. My 46 own opinion is, that during this interval [of foliciting and

paffing the act] many difficulties were furmounted by means, which violence would have fuppreffed; and that the general "expectation of relief actually created it, chiefly through the me "dium of a well-judged forbearance."-This extract contains much folid and profound, fenfe, which equally applies to the whole nation. Of the £. 200,000 which the corporation was enabled to iffue, only £70,000 were actually iffued on the 15th of January 1794. Yet, the town was fupported, and foothed, by the measure.

*ions for the fum of 4.438,324, were rejected, either as not coming within the purpose of the act, or on account of the inability of the parties to give fatisfactory fecurity. The whole fum, which was advanced on loan, has been repaid, without difficulty, or diftrefs. Of the perfons, who were thus affifted, only two became bankrupt. These facts prove, that temporary relief was only wanted, and to no great amount. The interest on those loans amounted to £13,033: 14: 61: the expence of the management to £.8,685: 12: 4 and of confequence, there was a clear profit from one of the happiest and best-timed measures, which the wisdom of government ever adopted, of £.4,348; 2: 24. In fact, the alacrity of parliament to fupport the credit of the country was relief. May 1793 was the epoch of the greatest number of bankruptcies. They greatly decreased, in June; they decreased ftill more, in July; they continued to decrease, in Auguft; and in September, they fell to be nearly on a par with the numbers, in September 1792. The bufinefs was now done*. The diforder was cured. And, the commiffioners thereupon reported the condition of the patient to the great ftate-phyfician: Sir, we have adminiftered your medicine, which has worked wonders; the patient is doing well; and will be well, if he will only take care of bimfelf. At this moment you drive out, to visit

the

I happen to have the following note, which, I believe,

the patient; you find him recovered: yet, you tell him, fhaking your head, that he had been very ill Upon my word, your imprudence had nearly coft your life; beware, I pray you, of another paroxyfm!—

Yes; but when comfort comes, like a fury, “With a whip in her hand, 'tis a fore matter to meet affliction !”.

The recovery of the patient, however, does not enable you to trace the diforder to its true caufe, How can a physician trace the caufe of any difeafe, if he will not ascertain facts, and weigh circumftances; if he will delude himself with falfe appearançes, and fallacious inferences? You delude yourfelf with afferting, as a caufe of our commercial

is fufficiently accurate to fhew to what parts of the country the principal relief was granted;

25,7-59

4,000

4.000

16,000

·4,000

31,000

L. 494,480 989,700

137,020 246,500

41,500 310,000

£2,129,200

diftrefs,

distress, to be true, what you had an opportunity of knowing to be falfe, that our customers did not pur chase*: yet, our customers never purchased so many goods, as in the three years, preceding our diftreffes, in 1793. Our customers, fay you with the fame breath, did not pay for our manufactures : yet, there were never fuch great importations, as in 1790-91-92; amounting, on an average, to £. 19,476,000, a year. Moreover, immenfe fums flowed in, you immediately add, to be invested in our funds. Here, you blow hot! But, you foon fubjoin, that there was an efflux of the precious metals t. Now, you blow cold! In this, however, you guess right; as any clock will point at the true hour, once in the day. You indeed play an admirable game of crofs purposes throughout your thirteenth page. All contradictions, fays "Sidney,

*In page 13.

+ There is very little gold bullion exported. Of filver, there were exported

affert

great

fums of money

It is, in this year 1792, that you

were fent from France to Great Britain !

The price of filver on the exchange of London, shows the great effect of the export of bullion to France, and the

immediate