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ally confirmed by facts and experience. When, by an admirable operation, a falutary reform was made of the gold coin, there appeared, in confequence of the proclamations for that purpofe, a much greater quantity of circulating fpecie, than fpeculifts had fuppofed, in oppofition to expe

rience.

The three proclamations of 1773-of 1774and 1776, brought in, of defective gold coin, the value, in tale, of £. 15,563,593: 10: 8

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brought in, and filver £. 2,055,763: 9: 4

£. 20,000,000.

Mr. Eden's Letters, p. 215.

If, from the amount of the coinage

of the prefent reign

- £. 51,073,362,

the fum of light gold re-coined, be deducted

we fhall fee, in the refult, the fum, which the increafing demand of the prefent reign required at the mint, exclufive of the recoinage

15,563,594,

- £.35,509,768.

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It is not eafy to discover, because proper data cannot be readily found, what proportion of the coins, which constituted, in tale, this vast balance, was afterwards melted, or exported. If one-fourth only continued in the circle of commerce, this circumstance alone, when compared with the quantity of money which, in 1776, was actually found in circulation, would demonftrate the existence of a greater number of coins, and confequently a greater amount, in tale, than has been fuppofed to animate our traffic, in daily use. One truth is however clear, "that every community, which bas an equivalent to give, may always procure as many of the precious metals, wherever they may exift, as it wants; in the fame manner as the individual, who has labour, or any other property, to offer in exchange, may at all times fill his coffers with medals, or with coins. Hence, we may conclude with Mr. Hume, and with fubfequent writers on political economy, who were equal in judg

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judgment to him, that while we preserve our people, our skill, and our industry, we may allow the fpecie to find its own way in the world, without any other protection, than what is due to the justnefs of our standard, in fineness and weight, or any other care, than to give continual notice to the credulous, to beware of the tricks of the clipper, the sweater, and the coiner.

In this manner have I reviewed the Chronological Table, with regard to our Shipping, our Exports, the Balance of our Trade, the Revenue of Customs, and the fucceffive operations of the Mint. The Chronological Table gives, as it were, a bird's-eye view of our whole commercial concerns, from the Reftoration to the prefent year, a long and bufy period, of domestic difpute, and foreign war. And, the Chronological Table exhibits a retrospective mirror of our traffic and revenue, which reflects a very flattering profpect of our future profperity, with regard to both. We may now addrefs the defpondent with the gaiety of SWIFT:

"Can't thou take delight in viewing
This poor ifle's approaching ruin,

When thy retrofpection vast

Sees the glorious ages paft?
Happy nation, were we blind,

Or had only eyes behind!

CHAP.

MITZI

1 .... 1

CHA P. XIII.

The Profperity of Great Britain from 1783 to 1793.

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The Caufes affigned. The East India Trade.

The Fisheries encouraged.-The New Navigation. At.-Foreign Treaties. Manufactories promoted. -Agriculture encouraged.-A thousand Laws for: local Improvements. -Revenue Acts.Financial Operations.-Their falutary Confequences.

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profperous have our affairs been, from the conclufion of the late peace, to the commence-. ment of the prefent war, that curiofity naturally defires to trace up the caufe to its true fource. In order to gratify this defire, I propose to run over, rather than develope, the principal measures, which have chiefly contributed to raise this nation, from a condition of great defpondency, at the first epoch, to a state of unrivalled profperoufnefs, at the laft. And, I fhall arrange those measures, ift, as they tended to promote the private revenue of the people; and, 2dly, as they were proposed to enlarge the public revenue of the nation.

The affairs of the Eaft India company, which, like the affairs of the ftate, were no doubt greatly deranged, at the re-establishment of peace, in 1784, divided our parties, in respect to the mode of reftoring them.

Our

Our divifions on this head, were foon fettled by feveral acts of parliament *, for regulating rather than fuppreffing the company, for controuling its government, rather than deftroying its powers. If to thefe laws, we add the Commutation A&t, which gave the company great facility in the fale of its tea, and the fair trader ftill greater advantages over the fmuggler, we fhall have a view fufficiently distinct of those measures, which, we fhall immediately find, produced the happieft effects. The credit of the company rofe, in proportion as the directors were enabled to fulfil their engagements. They divided 8 per cent. to their proprie tors; they paid their debts to the public, even fooner, than the moft fanguine had expected: and, before September 1786, they were able to reduce the intereft on their bond-debts, at home, from 5 per cent. to 4, with an avowal, that the creditors, who did not choofe to accept of the reduced intereft, fhould be paid the principal of their debts. The value of British goods, which were yearly sent to China, was, in the year 1792, £.626,000, though in 1783, and 84, the amount had only been

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G. III. ch..34.26 G. III, ch. 62. † 24. G. III. ch. 38.

The India Stock was,

in December 1783, at 12ő.
in December 1784, at 127.
in December 1785, at.155.
in December 1786, at 166.
in December 1792, at 191.

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£. 120,000,

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