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in the Heptateuch:' but we have not run to give them here. The principal information that we gain from them is, hat its leading features were the metaor and the periphrasis.

The most interesting remains, however, f Anglo-Saxon poetry which time has ffered to reach us, are contained in a unuscript in the Museum, from which fr. Turner's extracts have been both coious and judicious. Mr. Turner thinks at this curious manuscript preserves the dest poem of an epic form in the vernalar language of Europe which now exs. It undoubtedly deserves to be subitted to the public.

The general literature of the Anglo

axons must be dated from their converon to christianity: they derived it chiefly om their religious intercourse with ome: and their literary progress first egan by the introduction into England of e Latin and Greek languages, and by the llection of their books. The sixth and eventh centuries were the happy times f wisdom and knowledge which England 3 known before his time, alluded to by Alfred. Yet though literature in the seeath and eighth centuries was striking root into every part of England, it was the monasteries almost exclusively that met with any fit soil, or displayed any veetation. The ignorance of the secular part

of society was not only gross, but general. Mr. Turner's observations on the state of learning at this period are truly valuable, and he closes them with literary memoirs of those from whom it received its best encouragement.

Of the arts and sciences of the AngloSaxons, Mr. Turner's information has been gathered from the best sources; but there are one or two points in which we cannot fairly agree with him. That the first Saxon churches of our island were all built of wood may be very fairly doubted. That of Greenstead in Essex (p. 452), was originally built but as a temporary chapel for the reception of St. Edmund's body in its way to town. And Ilsley (p. 460), should be Iffley church, which not only was not a Saxon building, but is known to have been erected by a bishop of Lincoln in the twelfth century.

On the more abstruse sciences of the Anglo-Saxons, the propagation of christianity among them, and the progress of their language, we have not room for extracts. In the latter enquiry much has been built on Mr. Tooke's foundation. To say more would be superfluous. It is true we have pointed out a few faults, but we have rarely seen a book replete with knowledge more curious or more instruc tive.

ART. XXIII.-Defence of the Principle of Monopoly of Corn-factors or Middle Men, and Arguments to prove that War does not produce a Scarcity of the Necessaries of Life. 8vo, TP. 30.

THIS author uses the word monopoly, not in its proper sense for exclusive deulng, but in an arbitrary sense for large dealg. By thus changing the meaning of eword, in defiance both of etymology and of usage, he may easily make it apear that what he calls monopoly, that is, he employment of large capitals in any given branch of business, is useful to the public; a truism which has never been alled in question.

Large farms are here most absurdly Cassed as monopolies; whereas they inCrease the competition of sellers: for small farmers cannot afford to attend the cornmarkets, but dispose of their produce to the miller and the inn-keeper without throwing it into the national stock at all; hile large farmers bring their grain to the merchant, and accept whatever price results from the average demand..

The East India Company, on the other band, is justly classed as a monopoly;

but it is not equally just to class it as a useful institution. The conquests in Hindostan have chiefly resulted from the interference of the state through its military patronage and its board of controul. The commerce of Hindostan would more than double instantly, in case of a dissolution of the Company: it would probably have ascended to ten times its present amount, if the Company had been abolished in 1783. Compare the rapid growth of West Indian commerce under a free trade, with the slow and lingering growth of East Indian commerce under a monopoly: although in the East Indies there existed already a vast and civilized population to deal with, and the privi lege of intercourse pervaded continents and islands immeasurable and innumerable; while in the West Indies the population was to create, and the agriculture too, before any profitable intercourse could be founded.

An attempt is made to show (p. 25), that war cheapens corn; but the few in

stances adduced do not suffice to establish an improbable general principle.

ART. XXIV.-Mémoire sur les Relations Commerciales des Etats-Unis avec l'Angleterre. Par le Citoyen TALLEYRAND. Lu à l'Institut National, le 15 Germinal, At. 5. Suita d'un Essai sur les Avantages à retirer de Colonies Nouvelles dans les Circonstances présentes. Par le même Auteur. Lu à l'Institut, le 15 Messidor, An 5. 8vo. pp. 47.

THE two dissertations here reprinted in French are extracted from the Memoirs of the Parisian Institute, where they were originally read, and received with a courtly, but with a rational approbation. They originate from the French minister for foreign affairs, and have therefore a title to be considered, not merely as the speculations of an enlightened individual, but as the projects of an active and ambitious go

vernment.

The first respects the commerce of the United States with Great Britain. It reveals to France that little hope can now be entertained of superseding the British merchants in the American trade. If the monopoly enjoyed by France during the rebellion, if the regulations obtained during the fresh emotions of gratitude for their emancipation, did not suffice to divert the current of commerce from its ancient channel, no new motives can be offered strong enough to affect the result. The habit of analogous wants, and of reciprocal accommodation, the use of a common language, the kinship of the people, the similarity of their laws, which decides in an expected manner every question of property, the Englishness of Washington's disposition, which favoured an early and entire reconciliation, the sympathy of religious sentiment between the trading towns and classes of Great Britain and those of North America, would account for a preference of intercourse, were circumstances of interest in equipoise: but the British nation has, besides, the advantage of manufactures more cheap and more adapted, and of capitals more profuse and more rotatory than the French nation.

The American character is, in Talleyrand's opinion, and he had observed it closely on the spot, not fixed. He sketches with eloquence the woodman and the fisherman, as the most common specimens of native manners: the inhabitants of towns ape the British. He omits to observe that there is a growing difference of opinion, and of spirit, between the northern and the southern states. The state of New York, and all the more northerly, tend to freceive rom Boston the colouring of their

manners and opinions: they resemble the calvinistic protestants of Europe in their probity, in their love of order and discipline, in their frugality, their puritanism, their piety. The state of Pennsylvania, and all the more southerly, tend to receive from Baltimore the colouring of their manners and opinions: they resemble the deistical classes of Europe in their amb tion, in their love of liberty and indelgence, in their profusion, their liberti ism, their profaneness. The former have a Scottish, the latter an Irish basis of character: the former delight in maritime, the latter aspire to military enterprize The profuse employment of negroes in the southern states will gradually found a mulatto peasantry and a clipt jargon. It is not unlikely that geographical parties may arise, and that the northern and southern states may separate from each other, under the chieftaincy of distinct presidents. In that case the southern states will least disincline to French alliance.

The results drawn from the facts

duced are, 1st, "That the first years c a peace decide the commercial system of a state, and that, if these are not turned to account, the neglect becomes irrepar ably ruinous.

2d, "That commercial habits are broken with more difficulty than is sup posed, and that interest may approximate at once and for ever those who were arm ed for years against each other.

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3d, That, in the calculation of da rable connection between men, identity of language is to be reckoned as one of the strongest bonds.

4th, That the liberty, and especially the equality of religious sects, is one of the most powerful instruments of social tranquillity; for where consciences are respected, other rights will be so too.

5th, "That the spirit of commerce, which renders men tolerant from indifference, also renders them selfish from avidity; and that a people, whose morality has been shaken by long agitations, ought by wise institutions to be attracted toward agriculture; for commerce keeps the passions in effervescence, but agricul ture calins them.

And finally, that after a revolution which has changed every thing, a man must know how to renounce his hatreds if he would secure his happiness."

There is good sense and good writing in this dissertation; but less originality and force of thought, and less precision and splendour of expression, than might have been expected from one, who ranks so high among French intellects, and who has attained a celebrity so European.

The second essay has a superior merit. It begins by predicting the separation of the West India islands from their respective mother-countries. This is not easy. Without a vast protecting naval force, such as North America cannot yet furnish, the British colonies could not rebel without risking to incur a total devastation; beside being under the necessity of armng the slaves, for whom the independence would be acquired.

It next recommends the establishment of new colonies, as a commercial substitute for the old, and as a mean of busying and providing for those agitators, who, having been disappointed in one revolution, are for trying others.

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In examining the motives (says Talleyrand) which instigated the establishment of ancient colonies, it may be remarked, that, even when they were indispensable, they were still voluntary: they were suggested by governments as an inviting speculation, not as a penal banishment. This idea is especially conspicuous, that states ought always to hold in reserve the means of placing usefully, out of their own precincts, that superfluity of citizens, which, from time to time, grows formidable to tranquillity."

The author next adverts to the colonization of Louisiana, undertaken in 1719, and of Cayenne, undertaken in 1763, by the French government. He attributes the failure to the not sending out orderly industrious frugal families, instead of profligate spendthrift disgraced adventurers. Finally, he proposes the islands along the African coast, near the mouths of the Senegal and the Gambia, as the proper seats of a new colonization. This project, we believe, originated with Montlinot, and was further evolved by Golberry, in a publication consecrated to that purpose. It is said that the recommendation of Talleyrand had weight with Mr. Pitt, who was about to send out, under Capt. Beaver, a well-appointed preliminary cargo of settlers for Bulam, in order thence to overspread this very dis trict.

The French are less adapted to be the founders, than the conquerors of colonies. Their Cayenne has in forty years not attained so great a prosperity, as Britain added to Demerary in five, by taking it under her protection. It is the same in Canada: the habits of our emigrants are so much more favourable to thrift, that the English population doubles its numbers as fast again as the French; and their very language is in danger of becoming obsolete. The French resemble the Greeks of antiquity: they have the military and intellectual virtues, not the civil and commercial: they have courage and talent, not probity and industry. It is wiser for them to invade than to found; to seize than to earn. The soundest advice given them in this essay, is the indirect intimation (at p. 45), that it would be well to prepare by negotiations the cession to France of Egypt: they would there occupy the sovereign and ornamental situations of society, with little need of toil, and none of morals: they would direct to more productive forms of agriculture the labours of a swarming population, and would carry the arts and literature to revisit the nest whence they sprang. The French would be quieter neighbours to Europe and to ourselves, if they had an outlet for their wild population: Egypt is for us, for them, for all men, precisely the safest stowage.

The peroration is thus conceived:"From what has been advanced it follows, that every thing presses us to be busied about new colonies: the example of the wisest nations who have made them means of tranquillity; the necessity for providing against the separation of our actual colonies, in order not to be left behindhand by events; the expediency of cultivating tropical productions in the neighbourhood of their natural cultivators; the propriety of forming with our colonies a more natural sort of union, which will be easier in new than in old establishments; the advantage of not being forestalled by a rival nation, for which each of our delays in this way is a conquest; the opinion of enlightened

men who have directed their attention

and their enquiries to this object; and, finally, the pleasure of being able to attach to such enterprizes those speculative men who want projects, and those disap pointed men who want hopes.

"Diversa exilia et desertas quærere terras, Auguriis agimur Divum."

ART. XXV.-A Treatise on the Coins of the Realm; in a Le ter to the King. By CHARLES EARL OF LIVERPOOL. 40. pp. 208.

LORD LIVERPOOL has been repeatedly heard of in the republic of letters. He published, in 1757, a discourse on the establishment of a national and constitutional force in England: it prepared the subsisting militia-system, to the multitudinous defects of which our objections were stated at page 233 of the third volume of the Annual Review. About the sane period he composed a discourse on the conduct of Great Britain toward neutral nations; it introduced the insolent and novel principle, which has sometimes been called the rule of the war 1756, and which occasioned those successive combinations of the maritime powers against Great Britain, that to this hour continue to perplex our statesmen, to harass our security, and to abrade our continental popularity. In 1785, he issued a collection of treaties of peace, unaccompanied with such a dissertation on the science of negotiations as the abbé Mably had prefixed to a similar collection. He now undertakes a treatise on the coins of the realm. With much parade of authority and information, with views far from illiberal, he is apt to elude specific advice and definite inference; and, after appearing to consider a subject in various bearings and comprehensive points of view, he leaves the reader willing enough to accept his result, but often unprovided with it. He is tediously diffuse, and prosingly instructive; he has too much of the micrology of an antiquary, too little of the precision of a statesman.

This work begins with an account of the state of the coins at the accession of his present majesty. It proceeds to the definition of money, or coin, and to the description of the metals of which it is made. The imperfections to which coin is subject as a standard measure, or equivalent, are next considered; and the necessity is indicated of preferring some one metal as the measure of the rest.

The authority by which coins are made current, the English standard of gold and silver, and the moneyer's pound, are properly explained. The several ways in which coin may be debased next pass in review; and some historical statements occur respecting our early coins.

The relative values of gold and silver, the inconvenience and expence arising from their fluctuation, the profits made

by interchanging them for each other, the reformations in the monetary system be gun by Edward VI. and completed under Elizabeth, together with the apparent motives for these changes, constitute an other series of topics.

At length come the principles of cont age, which are, page 113, according to our author: 1. That the coins, which are to be the principal measure of property, ought to be made of one metal only: 3 The author proposes to shew of wha metal the coins of this kingdom, which are to be the principal measure of pro perty, ought to be made: and, 3. Ou what principles the coins of the other me tals ought to be made. In illustration of the second of these propositions, the ex of Liverpool argues thus:

"In very poor countries coins have been, and still are, principally made of copper; and sometimes even of less valuable materials.

"In countries advanced to a certain de gree of commerce and opulence, silver is the metal of which coins are principally made.

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In very rich countries, and especially in those where great and extensive commerce is carried on, gold is the mest proper metal, of this instrument of commerce, should he which this principal measure of property, and made: in such countries gold will in practie become the principal measure of property, and the instrument of commerce, with the general consent of the people, not only without the support of law, but in spite of almost any law that may be enacted to the contrary; for the principal purchases and exchanges cannot there be made, with any convenience, in coins of a less valuable metal. In this your majesty's kingdom, so great is its wealth, and so various and extensive is its commerce, that it is become inconvenient to carry on many of the principal branches of trade, or to make great payments, even in coins of gold, the most precious of metals: on this been called to its aid: but this paper can account a very extensive paper currency has never be considered as coin, for it has no value in itself; it only obtains its value with reference to the coins which it represents.

"There is still further reason for prefer ring at present the gold coins to those made of silver, as the principal measure of property and instrument of commerce in these you majesty's dominions. This measure out certainly to be made of that metal, which varies least in its price or value at the market. It is difficult to conceive, that in a commercial light the price or value of any commodity can be estimated, but with reference to some other commodity, either gold or silver, or

117

something else; and the price or value of the precious metals is generally estimated with reference to each other; that is, according to the plenty or scarcity, and the demand there may be for each of them. It is certain too, that the price or value of gold bullion, in the british market, has for many years varied Ps than the price or value of silver bullion. From an account I have seen of the price of Collars for forty-one years previous to the year 1797, it appears, that the price of dolats, during that period, has varied 16,2 per cent. It is true that, before the general recoinage of the gold coin, the prices, both of old and silver bullion, advanced, in conseence of the then defective state of our gold Coins, as has been observed already: the true variation therefore in the price of silver will be more accurately taken, by giving an acFount of this variation, subsequent to the general recoinage of our gold coin. It appears by the account last stated, that the price of silver in dollars has varied in twentyso years, that is, from the end of the year 1774, to the 31st of December 1797, 11113 per cent. and even in the course of one year, that is, the year 1797, no less than 9 per

cent.

"The variation in the price of silver bullion appears to have been still greater, by another account, with which I have been faToured by the late Mr. Garbett, an eminent merchant and manufacturer at Birmingham : at there appears, that the silver purchased by m, as a refiner, with bank notes, varied, according to his calculation, in the course of ten years, to 1793, more than 194 per cent. and in one year only, more than 134 per cent. "From information, on which I can rely, it appears, that the bank directors have in general paid for gold bullion, during twenty years previous to the year 1797, not more than 31. 17s. 6d. per ounce. But occasionally, when they have been in want of gold, and particularly during the six months preons to March 1798, they have raised the price 44d. per oz. to encourage the importion of it; so that they then paid for it 31. 175. 10d. per oz. being the full mint pr.ce. But, as stated in another place, the erage price, which these directors have pad for gold, during the before-mentioned wenty years, was 31. 17s. 74d. per oz. or per oz. less than the mint price; so that the variation in the price of gold has not mounted, during the whole of this period, to per cent. It appears, by the account before-mentioned, received from Mr. Gart, that during the forty years in which he as bought and sold gold bullion, as a retuner, the price of gold purchased with bank notes has varied in London nearly 5 per cent. It is true, that by the same account the price of gold has varied in a greater degree at Paris, Amsterdam, and Hamburgh, but by no means in the same degree as silver."

Repetitions follow of what had been said before, together with a list of precautions necessary for regulating the principles of coinage, a statement of objections, and a detail of the condition of British coin from 1760 to 1774.

The art of assaying is described. An account of the several ways of calling in deficient coin is given. This might have been a more curious chapter: for the principles of the plan of compensation adopted toward the holders of clipped coin in 1774, we are referred to the books of his majesty's treasury. What was in print before is so carefully re-printed, that where something could have been added to the current stock of information, it ought not to have been idly withheld. The Spanish dollars, the copper coins, the state of the mint, the expediency of reviving the office of exchange, the effect of paper-currency on the value of bullion, clusion succeeds an appendix. are progressively discussed. To the con

With respect to the plan proposed, we be more convenient to coin and circulate agree with the noble author that it would pounds and half-pounds, than guineas and half-guineas, which are the present fractional measures. It would also be convenient if ten pence made one shilling. We disagree with the noble author in his doctrine concerning seigniorage. He objects to levy a seigniorage, and would have the guinea circulate for its value as bullion. The consequence of not levying becomes a needless expence to the public, a seigniorage is, not only that the coinage but that at any slight rise of bullion it becomes worth while to melt down the coin; whereas, if it circulates for three or four or five per cent. above its intrinsic value, the little fluctuations of gold and silver do not afford a sufficient temptation to melt down coin. The prodigious destruction of British coin during the present reign, which has rendered such vast coinages necessary, has resulted from the non-levy of a seigniorage. Gold is worth something more for having been weighed and assayed, and separated into pieces of convenient size. A heavy seignoriage atfects prices.

With respect to the treatise itself, it displays an extensive acquaintance with domestic writings on this topic; but the foreign authorities quoted are too few to arrogate the praise of comprehensive reading. Boizard's Considerations sur les Finunces; Beccaria's Trattato delle Monete, with Vasco's subsequent remarks; the

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