tions, admits of the danger of a paper currency, not founded on specie, if for no other reason, because it is likely to be affected by the fluctuations of public opinion. He candidly admits, that however desirable a return to cash-payments may be, the measure is impracticable, and that a remedy cannot be found, if the present system is continued. When such are the concessions of the friends of the present measures, it may be clearly seen on what inse. cure grounds our system of factitious credit stands. It is a most alarming crisis, in which "we go backward, and fall; or forward, and mar all!"

Henry Thornton points out the danger of parliament blindly rushing on, and averting their eyes from a view of the precipices. When risque is to be encountered, it should be met with prospective and deliberative care. The following extract from his speech, affords remarks worthy of attention, and conveys a salutary caution:

was

"In consequence of an over issue of its notes on account of Government, by the bank of Paris in 1800, there was a run upon it from the country for specie. The bank was embarrassed, and stopt payment. They applied to the French Government; a commission appointed to examine the matter; who suggested, that the Government should never borrow of the bank in future, because their request was equal to a command, and that they should only issue their notes on short securities. The Paris bank, to remedy its embarrassments, diminished the circulation of its notes, and in the course of three months returned to its payments in specie. The merchants and manufacturers in Paris suffered for a time from a limitation of the discounts, but it was thought better to suffer this evil,

than to encounter the still greater evils of a depreciated circulation."

Mr. Sharpe, another of the committee, adduces the example of Hamburgh, Holland, and Paris, which although highly taxed, and the two former subject to French extortion, are nevertheless able to maintain their ground, because they have not recourse to a paper currenCY. But Great Britain has gone on so far, as to be unable to recede. Even Wm. Wilberforce, who cer tainly does not rank as an alarmist, or an opposer of the war system, compares our present state, to that high florid appearance of good health, which often immediately precedes the fatal stroke of an apoplexy.

Sir Francis Burdett, in a manly clear manner, not being afraid to meet the difficulties of the case, and not willing to slur them over to answer the exigency of the present moment, expresses, in the conclusion of his speech, the following energetic sentiments:

"He feared that the system mest be permitted to take its course. The inscription on the gate of Dante's Hell, might be applied to it—" You who enter here, leave all hope of returning behind." He saw no reason to believe that the bank would ever be able to recover itself. The Hon, Baronet then adverted to the price of bread as a pooof of the depreciation of the currency. The average price of the quartern loaf for 40 years previous to the restriction, was 74d.; the average price for the subsequent 14 years was 1s. 04d. With regard to the reme dy, he contended, that on the recovery of the currency, it was hardly possible to conceive that the country should be able to pay in sound coin the pensions, salaries, besides the army and navy expenditure, together with the interest of the debt, created with a view to the state of deprecia

may be kept up for a time at home, but what will it pass for on the hos tile continent? It is the monientum of metallic currency alone, which weighs down one scale in the balance of external trade, and makes the scale, filled with paper, kick the beam. The gold, whose place has been supplied by paper, has been, in reality, sold and squandered for the purposes of war, as if a private gentleman had sold his plate to defray his debts at play, and substituted pewter for all domestic uses. One party may say he gains, to the exact amount of the plate he has disposed of, for which he must have gotten a value. The other party answers, What value? Is it not all spent? Is not your side-board, and its gorgeous covering, evaporated and gone? What will your pewter pass for abroad? Or how, as affairs go on, will you support a continent al war, which must continue to drain out so many millions annually?

It now appears as if the war on the peninsula were purposely protracted on the part of the enemy, and that his invasion of Britain is really upon her finances, and principally in the immense military expenditure, which, of itself, is fully sufficient to cast the balance of payments so much against us. The nation is thus manauvred out of millions. The different causes assigned by ministry and opposition, all converge into one-the WAR, The unfavourable rate of exchange, the large import, the restrained export, the high freightage, the rash spec

ulations, the intercommunication of the bank with ministry, the quantity of paper issued, and its a consequent depreciation, all resolve into the war as the radical source of these evils, however each party, that of opposition as well as of administration, may wish, aud · endeavour, in their speeches, in fa

shionable phrase, to blink the ques; tion. "All, without exception," said Mr. Percival," are agreed up on the necessity of carrying on the war."

But is this a necessity of things, absolute and uncontroulable by human power, or is it a necessity pronounced: by a little, short-sighted, self-opiniorated mortal, a necessity of parlia mentary opinion, a necessity similar to that which has been held forth in every war from the earliest period of history; in fact an occasional necessity which vanishes before a still stronger necessity. Will posterity look upon this necessity with the same eyes of these enraged parties? Will it not be astonished at the flush of intoxication which has succeeded the negative success of the war in Portugal, and still more at the implicit, premature, we hope not presumptuous confidence acknowledged to be placed by a whole cabinet, in a single man, as to the plan and management of this war, on which turns the pivot of the public safety.

Well, if Sancho were to ask, for what purpose all this fighting, this squan dering of purse and this waste of human happiness, we think even Don Quixote would have been puzzled with with the question. Is it for extinction of jacobinism? why, surely Bonaparte has well performed this service, and for doing so, you ought to be obliged to him. Is it to restore the ancient order of things in France? Why Bonaparte has accomplished this, and with inuch supplementary despotism, and for this, surely you ought to thank him rather than go to war with him. Is it for the deliverance of Europe ? Even Don Quixote must shake his head at that, until Europe, and even the Peninsula will assent to be deliver. ed. Is it for indemnity of the past Why the longer the war continues,

and the greater the expenditure, the more impracticable will prove such an indemnification. Or security for the future? Are you to ask Bonaparte for that security? No, shame upon them who could ask it. That security rests, and only rests with your selves, in your own right hands, and in your courageous hearts, resolved to defend your homes to the last drop of blood, and to drive the invader into the ocean. Is it to secure the monopoly of European commerce? Certainly this end has been ill attained, and the mercantile interest have reason to curse the hour that they placed such credit in these visionary specu, lations. Is it then to gratify our personal animosity against a Tyrant," "a Monster," "a Corsican," and all the rest of that abusive vocabulary, which the magnanimous minister of a great nation thinks fit, in the assembled senate, to bestow on the ruler of the French people. Is this a legiti mate motive for a continuance of war? No, would Don Quixote indignantly answer, by the law of chivalry, and by the honour of a gentleman, no true knight nor even squire would condescend to such abuse, or give countepance to those who thus degraded the character and manners of a generous country. Is it, in fine, the disagreea ble predicament of saying-I wish for, and I want PEACE. Why, Bonaparte has said this more than once, in the flush of victory, and will you scruple to do so, at the only time in which a noble minded nation would second you, when you stand upon equal terms with the enemy, or do you defer the declaration to the possible period of defeat and discomfiture, when indeed the necessity would be hard and intolerable? Our political belief is a very summary one. What is the cause of our present public distress? The War. What would effectuate a cure? Peace. How obtain peace? By a

BELFAST MAG. NO. XXXIV.

change of ministers, and measures, and by a magnanimous declaration that we wish for and we want a peace on a just and honourable basis. But Mr. Perceval has got his war loan of 201 millions, and the war minister expects dis, atches from his brother the commander in chief,

Among the documents much interest will be found in the proceedings of some meetings held in London by the Protestant dissenters who have justly taken alarm at a bill brought into the house of lords, by Lord Sidmouth, to alter the toleration act, the tendency of which under the appearance of making regulations to render the licensing of dissenting teachers more difficult, appears to be to nibble away the inalienable rights of conscience. Lord Sidmouth may be a man meaning well, but weak men of this charac ter, with an itch for meddling, often do much mischief. It is evident from the tenor of his speech, on introducing the bill, that his attachment to the church of England, probably as thinking it the best prop to the state, leads him to look with jealousy and suspicion on all sects differing from it. Church and state, or as they sometimes more grossly vourite maxim with a large party term it, Church and King, is a fa in England, who are as ininical as the temper of the times will permit to liberty of conscience, and who lie on the watch for any plau real motives of this party are foundsible opportunity to abridge it. The ed in political intolerance, and a selfish exclusion, covered under a mask of dislike to those they call sectaries on account of their religious opinions. But a desire to possess political power, not a zeal for religion, i. their actuating principle.

The disgraceful persecution of Dr. Priestley at Birmingham stands on record as a sample of the madness rea

dy to be infused into the mob, if a fit occasion presented.

Instigators, and incendiaries of high note are not wanting. Yet we would not include Lord Sidmouth altogether in this class. He probably would not intentionally do wrong. But history points out a strong similarity between the doctrines of high churchism and arbitrary power. The demon of bigotry is only sleeping in his dark den, it would be dangerous ever so little to slacken his fetters. The high prerogative party are hostile alike to Dissenters and Catholics. We have no objection to see the dissenting clergy roused to defend their rights. We never contemplated their alliance with power, with satisfaction. We think they would be much better employed in instilling into their flocks, the spirit of virtuous independence, and in asserting the rights of liberty of conscience, than in joining in a sort of alliance as step sisters to the establishment, cajoled into good humour, by artifice and a show of kindness, while they are secretly mistrusted. The Regium Donum is a sop to CerbeIt may be justly considered as the opprobrium of the dissenting church.

We would gladly see "the booing" at the levee of the minister, or to the Lord Lieutenant's secretary, and the presenting of fulsome adulatory addresses, exchanged for the unbending integrity of men daring to as sert the principles of civil and religious liberty.

The Dissenters in England were roused, and showed themselves ca pable of vigorous exertion, very different from that state of apathy, into which Ireland is sunk. Eight hundred petitions were presented to the house of Lords, against Lord Sidmouth's bill, and in this number was one from some members of the

ano

church of England, among whom were several clergymen. The bill has been thrown out, and the spirit of tolerance has, in this instance, had a complete triumph. The Arch bishop of Canterbury spoke in fa vour of liberty of conscience, and gave up the business with tolerable grace. We have in the petition from the members of the church of England, just alluded to," ther proof, that the low party in the church of England contains many men of genuine moderation. It is pleasing to contrast the Til lotsons and Hoadlys, and a host of the low party, with the advocates of bigotry in religion, and of arbitrary power in politics, who have occasionally, appeared nominally under the external banners of the same church To render to all the due meed of praise, or the ceusure of demerit, is the duty of the historian, or the more humble rẻcorder of the passing events of the day, to whom impartiality is an impressive obligation. "Well pleased to praise, but not afraid to blame."

On the subject of religious freedom whether regarding Catholics or Dissenters, there is one measure of justice. Toleration is not a term, sufficiently expressive. To tolerate implies the granting of a boon, and as if there existed a previous right to grant or withhold. Let us say with Mirabeau, the communion of every man with the Most High is independent of all political institution. Between God and the heart of man what government dares to interfere."

It is said a meeting has been held in London, to invite the delegates from the Irish Catholics, to a public dinner on the 7th of next month. We hail the auspicious omen! more especially as the Earl of Moira, the friend of the Prince, it is said, wilf