ing to Mr. Goulburn, those instruments of money have been increased from their amount of perhaps twenty or twenty-five millions in December, 1825, to about fortyeight millions in July, 1828; and according to Lord Goderich, they had been increased from about twenty-five millions to forty-six millions during the years from 1821 to 1825. The circumstances, so far, are very much alike. It remains yet to be seen, whether the same results will follow upon the same state of things.

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Of this twenty-six millions of Bank of England notes, now in circulation, how much does the reader think is issued upon discount in the regular way of banking business? Just one million! All the rest is issued in the way of " tampering with the currency,”—in purchases of the national debt, effected for the threefold object, first, of shoving off panic, secondly, of enabling the Government to pay its dividends, and thirdly, of covering the retreat of the country one pound notes. None of these objects could be ef

fected without the aid of this enormous circulation. By thus adding twenty-six millions of Bank notes to twenty-two millions of sovereigns, the Government is enabled to keep up the appearance of metallic payments for a short time longer. After a little while, however, it is certain that a great proportion of the Bank notes must be withdrawn, or otherwise the gold will be driven abroad, and our prosperity" will again terminate in all the horrors of "panic, barter” and “universal convulsion!" But if we withdraw the Bank notes, how are we to keep up our prosperity," and how are we to accomplish the three above-mentioned objects? Here is a pretty state of things! Our "prosperity" is at the best but very near akin to adversity; and yet, equivocal as it is, we cannot preserve it!

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Certainly the " prosperity" of 1828 is not equal to that of 1825; and yet the circulation of the first-mentioned period is greater than that of the latter. How is this to be accounted for? In 1825 men's minds possessed some degree of confidence and elasti

city. In 1828 they possess none. Men cannot now be made to believe that it is possible for them to move, without injury of some kind or other. In 1825 the increased money of the country had had four years to effectuate its action upon the national prosperity. In 1828 it has had but two. In 1825 also, the small note circulation of the country bankers, or what may be called the bread and cheese money of the country, was anchored upon the rock of parliamentary faith. In 1828 that anchor has given way*! These three circumstances combined, sufficiently explain, why the "prosperity" of Mr. Goulburn is not equal to that of Lord Goderich.

But although the " prosperity" is less, Mr. Goulburn may certainly congratulate himself that the adversity will be greater. Lord Goderich but just tasted of the bitter cup, which his own measures had prepared. Mr. Goulburn must drain it to the very dregs.

* " Kissing," it is said, "goes by favour," and the same would seem to be the case with " public faith." Parliament is a very dragon of virtue upon some occasions, but accommodating enough upon others!

And what has the Duke of Wellington to
Worthless Rags-" Little Shillings"

expect?

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-or Equitable Adjustment !" Among these, it is perhaps given him to take his choice. It is perhaps too late for him to adopt either. The day and the night are not more sure, than that he must adopt one of these, or otherwise be driven in disgrace from his situation.

The first of these alternatives is perhaps yet practicable. The second may perhaps be obtained through the medium of the first. The third is universal anarchy. An iron choice this! But it is a choice from which the Duke of Wellington cannot escape. Let not the Duke flatter himself that half measures will succeed. He may reduce the dividends of the national debt one half! It will not save him. The distress which such reduction would occasion in London would destroy his Government; and after all, the private debts would crush the present frame of society to

atoms.

The last article, entitled " Anticipation of

the New Bank Restriction Act," may perhaps derive some credence from the fulfilment of its brother article in 1825. No man who understands any thing of this important subject, would undertake to steer the Government through its difficulties without the assistance of a Bank Restriction Act. It is not certain that this great measure would now be efficient. The improvident consumption of agricultural stocks, and the injured state of agriculture, may perhaps render all measures vain. In this case, the Government will have to give an account of its stewardship. In the mean while, a Bank Restriction Act, judiciously regulated, would probably save both the Government and the people from a long train of calamities.

August 9, 1828.