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And meets me alone by the far forest roam.
Prom the German of Klopstock. )
THE Spring, Aëdi, returns in light. 2
The air is clear, the heaven blue, the bow'r When the moon from her fleecy cloud scat- is fragrant. ters
Light and soft breathe the gates of the west:
The hour of the song, Aëdi, returns. '!
“ I cannot sing:—my ears are deaf
swing on the bending spray, given;
And gaze on my form in the crystal flood And hear, lightly swept by unseen fairy finger,
below." The harp of the winds with the music Not sing !_and thinkst thou thy mother's of Heaven.
Can feel no anger ?
of the Spring;
For thousand are the spells of our art,
Away from the bending, swinging bough!-
erst of the spells of our art,
The Queen of Nightingales, Orphea, sung. grove I sigh for Eliza !with dearer emotion
I tremble to pour the wondrous strain To lighten the home that is hallowed by But hear, and repeat the strain love!
1807. Ē. Thus sung Orphea:
• Pour thy notes let thy strain swell on SONG.
the winds ! (From the Germans Anonymous.)
Breathe gently, till the sweet-falling tones
are heard no more! Der winter hat mit kalter hand, &c.
Hurried and loud let them rush through she 1
waving grove ! Tis done by Winter's icy hand Breathe soft and low, till the sweet tones die Each summer weed is torn;
'Mid the opening buds of the rose.'
“ Ah! I repeat not the strain! How can I? Are wrapt in winding-sheet of snow.
Be not angry, mother! I repeat pot that
But sung she no more,
The queen of the daughters of Song?
Sung she not of that which makes the cheek
grow pale, While still yon eye the Violet shows
Which makes the cheek burn, and the fastYon cheek the white and damask Rose !
falling tears stream in silence ?" 3
More, more she sung-
Ah ! that thou hast asked me this,
How do I rejoice, Aëdi
Now will I seek thee the trees of tenderest
boughs, Mid hyacinthine groves that sighs!
And bend for thee the quivering spray, 3
That nearer thou mayet gaze on thy form 3 And while her lips' expanding glow
in the flood.
This, too, she sung-
-The Youth he stood, and wove the wreath,
The Maiden stood, and would not weep, 97** La Solitude est certainement une belle And gaz'd with tearless eyes on the youth.
ehosez mais il y a plaisir d'avoir quelqu'. Then wak’d the Nightingalethathigher song, sieuth qui sache répondre à qui on puisse which the
deep spirit trembles to hear is dire de tems en tema que la solitude est une Then fled the maid to thearms of the youth
belle chose.” gais LA BRUYERE. Then flew the youth to the maiden's arms. 2018 Ein Sterbelied. mib sa wwoba bed They wept in love's delight! gusle A. B.
REVIEW OF NEW PUBLICATIONS.
The Speech of Pasroe Grenfell, Esq. in
complexion or consequences of their the House of Commons, on Tuesday, mind, from a commendable contempt
From occupation of the 13th of February 1816, on certain of small difficulties, and from that transactions subsisting betwirt the inevitable trust of self which pervades
Public and the Bank of England. human nature, it is clear that, in * With an Appendix. London, Mur- giving their minds to the rapid suecesray, 8vo, 1916.
sion of affairs in a great nation like Of late years the Parliament of Bri- this, ministers must be far advanced tain has signalized itself by collecting in some measure resulting from a preand dissemenating information on se- ceding one, before even the first outveral important points of national ward results of that of which it is a economy. We imagine it would be consequence can be made apparent. hard for the most determined reformer This is almost always true with reto shew how, by mere extension of spect to great projects of state. It is the elective franchise, or any enlarged just one of those fatalities in human constitution of the legislative body, affairs, which, by demanding an union an House of Commons could be found of requisites the most opposite, opet more worthy, in this respect, of the rate as a constant check to any propublic confidence. At a time when gress which tends beyond a certain party violence has graduated through point. It requires at once the longest various heights, until at last it seems reach of generalization, and the most to have reached its acme, it is well to untired capacity for particulars. There resort to any thing which can excite, is nothing for all this but a phalanx in on fair grounds, a favourable view of our legislative assembly, composed eithe intelligence and integrity of the ther of men who have known, or may assembly which makes laws for us. wish to share, the duties of office them. On its reputation for wisdom or folly, selves, and are not only disposed, but the intellectual character, as well as the able to criticise acutely the proceedpolitical spirit of the nation, must in ings of its holders for the time being, some degree depend. So long as it -or of those who, without any turn contains men with the literature and for office, or experience of its duties, habits of gentlemen, what is agreed on have yet sagacity and penetration to within its walls must have a strong see when the public interests are atsympathy with what is best in the pub- tended to, and when they may be nelic: and until the whole of that publie, glected, and with this, firmness to or at least that part of it whose leisure pursue their investigations, and good and education fits it for making a ready sense and management enough to make and decisive opinion on public
acts and them understood and appreciated. It relations, shall become all at once, and is creditable to any country to possess permanently, wiser or better, it is evi- such men; and we are of opinion, that dent that what could be done by a it is from their influence that our reformed House of Commons must de- House of Commons has derived to its pend more on the spirit, intelligence, proceedings a character of directness and personal independence of the un- and sincerity which appears so greatly ministerial part of its members, than wanting in newly-formed legislatures on any new mechanism of the whole elsewhere. While that House has body. The character, not less almost men who devote their days and nights, than the existence, of the country, is their ease and their credit, their forin the hands of its responsible mini- tune and pleasures, to the public inte sters. The country is not, nor cannot rest, it can never become contemptible be aware, until from the nature of the from the indiscretion of injudicious thing it is perhaps too late, of how assailants or weak defenders. Among much both are on occasions commit- those men, the speaker now before us ted; and it would be unreasonable to merits, in our humble opinion, 'a conexpect that the ministers themselves spicuous place. should be always aware of the true A few circumstances in the history
of the Bank of England, previous to bounded the political horizon at home, Mr Grenfell's investigations, seem had banished mercantile confidence. needful for elucidating their scope and Hoards of gold were everywhere made object. So long as the Bank continued by the timid and avaricious; and men's responsible for its issues, by being fears, operating on their interests, made Hiable to pay in specie, like any pri- those with small possessions desirous vate bank, it seems to have been suffi- of withdrawing their floating paper seciently careful and circumspect in its curities for something more tangible, bargains with the public; and its ads in the event of foreign invasion or dovances to Government and to the mer- mestic tumult. In this situation of chants seem to have been influenced things, so early as 3d December 1795, by each other. The discounts were the Court of Directors thus expressed subject then, as now, to great fluctua- their opinion to Mr Pitt: “ Should tion. Mr Bosanquet stated to the such a loan take place, they are but too Lords' Committee, that he had seen well grounded in declaring (from the them decrease in amount from a whole actual effects of the Emperor's last loan, to a third. So cautious were the di- and the continued drains of specie rectors in their transactions with Go- and bullion they still experience), that vernment, as, in 1783, to refuse making they have the most cogent reasons to the usual advances on the loan.* In apprehend very momentous and alarm1782, the highest amount of their ing consequences." This opinion was notes in circulation was £0,100,000; enforced and repeated in two delibe? in 1783, £7,300,000 ; and in the year rately formal opinions; delivered to the following, £6,700,000. From 1787 to Chancellor of the Exchequer by the 1793, the amounts were eight, nine, Court, on 14th January and 11th Fehten, and eleven millions; in 1794, 5 ruary 1796. Previous to these dates, little less than eleven millions ; in the demand for gold from abroad was 1795, £13,500,000; in 1796, a little very great. The market price of that more than eleven millions. From 1777 article was four guineas an "ounce, to 1794, the advances made by the while our coin cost only £3:17: 10%; Bank on land, malt, and other Govern- the consequence of which was, that ment securities, had fluetuated from foreign shipmasters had orders to take seven to eight and nine millions, never back their returns in specie or bullion, exceeding £9,900,000. In 1795, they and large quantities of English guineas stood at eleven millions. At the end were melted at Hamburgh and other of that year, it was understood that Mr ports abroad.* At the early part of Pitt contemplated a loan of £3,000,000 that year, so large a loan as six milto the Emperor of Austria. At this lions for Germany, and eighteen for momentous period, however, the coun- Britain, was expected, and threw the try began to feel vitally, the effects of Bank Directors into the greatest conits hitherto unparalleled exertions. sternation. They had frequent comTaxation had cut deeply into a na- munications with Mr Pitt on such tional capital, which had not been re- small advances 'as he could persuade inforced by any temporary expedients, them to give. At an interview, 23d or excited by artificial stimuli. The October 1795, the Governor of the pressure of commercial distress, which Bank told him, that another loan of is always more or less attendant on a magnitude “ would go nigh to ruin state of war, had then been consider- the country !" But the most impresable. Demands for accommodation at sive remonstrance made to the Premier the Bank had been great. That cor- from the Directors, was one dated poration, trading on ascertained re- 28th July 1796, on which day a series sources, had become impressed with of resolutions were passed in Court, on the necessity of limiting its issues of an advance of £800,000, of which this notes, and of caution in giving dis- is the conclusion : « They likewise counts. The doubtful success of our consent to this measure, in a firm relicontinental alliances against France, and the spirit of change which seemed facts, as they bear on the question
For the principles connected with these brooding over the mighty waters that suspension of cash payments at the Bank,
and its effects on currency and prices, see Report of the Lords' Committee of sect. 1. of Mr M‘Culloch's Essay on the Secrecy on the Causes which produced the Reduction of the Interest of the National Order of Council, 26th Feb. 1797, p. 23. Debt
ance that the repeated promises so fre- port to this country, and, indirectly, quently made to them, that the ad- to the civilized world. These, howvances on the Treasury bills should be ever, are yet only so far advanced in completely done away, may be actually their progress, and it would ill be fulfilled at the next meeting of Parlia- come passing speculators like us to ment, and the necessary arrangements attempt to describe its future directaken to prevent the same from ever tion. The immediate fact with regard happening again; as they conceive it to to the purpose intended by this measbe an unconstitutional mode of raisingure is, that it was completely successmoney, what they are not warranted ful. Indeed, the untouched resources by their charter to consent to, and an of this country were, from many causes, advance always extremely inconvenient at that time in a state of unparalleled to themselves." Towards the close vigour. The more they were probed, it of 1796, and the beginning of 1797, was found, to use an expression of Mr the fears of the Bank increased, and Burke's, that “we were full, even to Mr Pitt's demands became more ur- plethory.” Taxes to an amount hitherto gent. On 25th February, the bank- unknown in the history of the world notes in circulation were £8,640,250; were collected with certainty, and with and next day an order in council was such ease, that their first pressure only issued, suspending payments in specie was felt. All the powers of Europe who at the Bank, which was soon after joined in the coalition against France followed by an aet of the Legislature, were subsidized by us, some years “ restraining the Bank of England nearly to the amount of their own from paying its obligations in cash." revenues. The great majority of the On 1st May 1797, the first issue of landed proprietors, almost all the merone and two pound notes was made; chants and manufacturers, and cerand at that date the amount of notes in tainly much of the rest of the populacirculation was £13,055,800—a sud- tion, fully concurred in these measures. den bound of four or five millions from If ever minister could say, that in all that point which the Directors found he proposed the nation went with safe while they were called on for him, that minister was Mr Pitt. His specie. On 27th December 1796, Mr schemes of war and expedients of fiPitt stated the probable expenditure of nance were received with a fervour of the ensuing year at £27,647,000, and approbation which seemed to think no the new taxes to defray the interest of advance too great for the objects in a loan of £18,000,000, to make up view, and only to regret that means that expenditure, at £2,132,000. In alone, however costly, could not ac1796, we find the highest price of complish them. All of our national bank stock to have been, on 23d spirit that was sentiment, or emotion, January, 1776, and the lowest, on or propensity, tended to utter hatred 24th November, 144. The highest of France, and cordial trust of the amount of bank notes in circulation high-minded man who had gained the was £11,700,000. In January 1797, it ascendant in our councils. It is with was only £10,500,000; and Mr Gren- the consequences of these measures to fell states the value of the capital the Bank of England that we have stock, “ on an average of the whole now to do; and they were as follow. year, only 125 per cent." The total The Bank of England was, by pubof the funded debt, in 1796, was lic contract, the agent for managing £327,071,371.
our debt, and, by parliamentary ap. The suspension of cash payments pointment, the place of deposit for all we consider to have been at that pe balances of public money from departriod the most important event that ments of revenue or accountantship. had occurred, from the declaration of In the first of these characters, its independence by the British American emoluments had increased with the
colonies, if we except the revolution increasing burdens of the country: in France itself. All parties are now until for that service alone nearly agreed on the importance of this sus- £300,000 per annum was received; pension, though two very distinct opi- and in the second, the Bank has now nions have been maintained about its had, for eleven years, the custody of propriety. We humbly imagine, that balances of money permanently, aveit was franght with political and moral raging, on the whole, £11,500,000. consequences of the most serious im- On this large sum the Government
received no interest. It attracted the Mr Grenfell now possesses, we should attention of the committee on public have had a bargain more advantageous expenditure, in 1807. That commit- to the public. The plain truth, with tee, in its report, commented with respect to what was really done, is, equal good sense and ability on the that the Bank lent, with an air of saadvantages which the Bank must de crifice and self-denial, as the equivarive from such a large deposit of mo- lent in a bargain most advantageous ney.* The bank notes in circulation to them, three millions of money to had then increased to £16,621,390 ; that public, of whose treasure they and the deposits, which in 1797 had were then in permanent possession of been only £5,130,140 inclusive of sums amounting to more than six milprivate accounts, were, on the Govern- lions! In 1806 this loan became payment account alone, betwixt eleven able. The administration at that time and twelve millions. Bank stock, did not find it convenient to make the which had sold in 1800 from 156 to payment, but succeeded in “, prolong172 per cent., then sold at 230 ing the period of this loan for the then "" strong circumstances," as the com- existing war," at 3 per cent. i. e. paying mittee observes, “ in confirmation of “ £90,000 per annum for the use of the large increase of profits." It ap- it." Why, sir," says Mr Grenpears, from the evidence of Mr Samuel fell, addressing the Speaker with most. Thornton before the committee, that excusable animation, “ at the very in 1800, when he, as Governor, trans- moment, in 1806, when the Bank reacted with Mr Pitt a renewal of the quired, and the public most improviBank's charter for twenty-one years, it dently agreed to pay, £90,000 for the had not escaped his eagle eye, to urge, use of three millions of money, the on the part of the public, a right to Bank held, and were in possession of, participate in the profits of the Bank, a treasure belonging to the public arising, among other things, from amounting to a sum little short of money lodged there to pay the grow twelve millions, wholly unproductive ing dividends, and the quarterly issues to the public, but productive of adfor redemption of the national debt, vantage to the Bank.” In the year which “ Mr Pitt estimated, might, 1814, it is most proper to add here, during the progress of the charter, ac- this loan was repaid, and the interest cumulate to £4,000,000 a-quarter.”+ on it, amounting, for eight years and The final bargain made for the public eight months, to £780,000! was,-for the renewal, and on account As soon as the report of the comof the advantages from public money mittee on public expenditure made its enjoyed by the Bank,---a loan of three appearance, Mr Perceval, who was by millions, without interest, for six that time Chancellor of the Exchequer, years, producing," as Mr Thornton came forward to claim for the public says, a profit of £900,000 ; but, at a participation in the profits derivable the then price of annuities, it was from the deposits, and a reduction in worth only £750,000, reckoning £6 the charge for managing the national per cent. interest of money." The debt. The Bank agreed to give anosame gentleman states the average ther loan of three millions without balance from money lodged for pay- interest ; to allow the withdrawing of ment of growing dividends, as “two half a million of the unclaimed divimillions and an half,” and “on the dends then lying in their hands; and public accounts at that time, of trifling “a reduction equal to about one fourth amount.” Mr Grenfell, however, has in the then existing charges for the found out, “ from statements now management of the debt.” The saving made by the Bank," and avers it in by this arrangement was £242,000 per his speech, that the money for grow- annum. In 1814 this loan became ing dividends exceeded £3,600,000, due. The present Chancellor of the and that the trifling deposits were Exchequer prevailed easily on the £1,947,000. If Mr Pitt had pos- Banķ to allow the prolongation of it sessed, in 1800, the knowledge which to 5th April in this year, on the ground
that the public balances had remained See Report, &c. ordered by the House undiminished.” of Commons to be printed, i0th August We may now venture to state the 1807, pp. 75, 76, 77, 78, and 79. † Vide Report, as above, p. 103.
• Mr Grenfell's Speech, p. 21.