This may appear obscure when stated in the abstract; but there is nothing more clearly founded in truth, or more distinctly susceptible of demonstration. Let us for a moment suppose, that the Capital of any Nation amounts to a Hundred Millions, and that it is employed so as to render an annual produce as follows: Capital employed. Re-production. £20,000,000 so as to return 13 per cent. that is, £. 2,600,000 20,000,000 ditto. 20,000,000 ditto. 20,000,000 ditto. 20,000,000 ditto. 11 per cent, ditto. 2,200,000 Total Re-production. £•9,000,000, one-tenth of which is £. 900,000. If the necessities of such a country required an immediate supply of ten millions, interest could alone induce the proprietors of that part of the capital which produced 5 per cent. to subscribe to a loan opened at 6; and this measure of finance could therefore only derange a re-production of 500,000l. But if two millions are taken by force out of each of the twenty millions, the consequence will undoubtedly be the derangement of the re-production of 900,000. And if patriotism should lead the proprietors of the most productive part of our capital to subscribe ten millions of their property, it would impede a re-production to the extent of 1,300,000l. To discover the accurate produce of the different branches of our capital, or the proportions into which it is divided, with their various rates of re-production, is impossible; but there are some things that follow from this view of the subject with certainty. First, That money raised by assuming a proportion of the capital of all, must occasion a greater loss to every country than a sum of a similar extent borrowed by voluntary subscription, except we can find a nation where the whole capital is so employed as to produce equally. Secondly, That the measure of that loss must be a per centage on the sum borrowed, equal to the difference betwixt the produce of the least productive part of the capital, and the average produce of the whole. Thirdly, That the loss sustained by a subscription filled from patriotic enthusiasm, may, and most probably will, be still more considerable. In this country we may pronounce with confidence, that such a measure, if resorted to, must be ruinous. In all opulent and commercial nations there is a variety of uses of capital; and perhaps there is none whose spirit of enterprise has created more channels for the employment of its wealth, and where of course its re-production must be so infinitely varied.' If a sum of money is to be raised for the public service at a certain interest, we agree with the noble Lord that it is better to appeal to interest than patriotism: but, if money cannot be procured by voluntary subscription, unless for enormous profit to the subscribers is it not possible, and even probable in good times, that difference of bonus given on a patriotic and an interested loan will more than compensate the country for what is lost by that derangement of productive capital which a patriotic loan might undoubtedly occasion? We 4 do do not agree with his Lordship on the subject of forced loans. That they are contrary to the spirit of a free constitution we admit: but we think that a forced loan might be so contrived as to be more advantageous, merely on commercial principles, than any other species of loan. If a sum of money were raised at a small rate of interest, by compelling all persons possessed of considerable incomes to contribute to it proportionably to these incomes, the public would gain what was saved on interest; and, the money being taken from the portion allotted to expenditure, it is probable that productive capital would suffer little or no derangement. In other words, it is probable that a person, who was compelled to part with or of his annual income for the service of the state, would rather diminish his annual expenditure in that proportion, than maintain it by drawing on his productive capital. P. 33. His Lordship shews that 431. 188. per cent. profit might have been made in navy bills in the beginning of September, realized in cash subsequent to the funding, and afterward subscribed into the new loan. Such is (I cannot call it the profit) the enormous pillage that has been permitted out of the Public Treasury. Impartiality cannot review this short statement, and abstain from censure. Pensioned gratitude, from a penury of objects to praise, may be driven to exclaim, "That if the finances can be repaired, the present Minister is the man to repair them * !" But Mr. Burke may rest assured, that, except his own politics, there is nothing appears to a common understanding so likely to ruin the country, and ensure a Revolution, as Mr. Pitt's operations in Finance.' In page 45. he states that there is now a deficiency in our annual receipts of 2,218,6261. On which he observes, Large as this may appear, the statement from which it results includes no provision for the necessary expence attendant on winding up a War expenditure. The writers on this subject who are the most moderate in their calculations, no where estimate this at less than half a year's War expence; and the experience of past times would support a much more extravagant allowance. Estimating it in this way, as it has been shown that the present annual expenditure of Army, Navy, and Ordnance alone, amounts to upwards of 30,000,000l. ; before the final account of the War therefore can be closed, we must allow for the necessary charge that will attend an addition to our Debt, to the extent of at least 15,000,000l.; which, if it can be obtained on the same terms with the Loan of this year, will create an annual charge of 1,012,500l. The National Receipt and Expenditure will then stand as follows: • STATEMENT, No. VII. Shewing the Total Produce of the Revenue, and the Total probable Charge, on the Supposition that the Sums necessary for the Extraordinaries of this Year, and for winding up the War Expenditure, are provided for. * See Letters on a Regicide Peace.' Total The rapid and unparalleled augmentation of the War expendi ture, renders it difficult with accuracy to ascertain what additional charge will be occasioned by our persevering in hostilities for another year; but when we know that within these two years we have added upwards of 4,500,000l. in perpetuity to the annual charge, we cannot suppose it will be less than 2,000,000l. per ann 'The increase of the number of our enemies, and of the interest of money, would authorise our looking forward to a much greater sum. On the supposition, however, that it may be carried on with the annual addition of 2,000,000l. to the permanent charge, as it has been shewn, in Statement No. VII. that if Peace is restored at the end of this year, the deficiency in the reeeipt to be supplied by new Taxes. must be 3,231,1261. and the total expenditure 25,860,752—It follows that, if this contest is persevered in, Taxes must be provided, and the Peace expenditure increased to the following extent: New Taxes. Amount of Peace Expenditure. 'If to the end of 1798, £. 5,231,126 1799, 7,231,126 9,231,126 29,860,752 The statement of these deficiencies is founded on a supposition which we hope will prove, and is certainly likely to prove, erroneous, that the present taxes will not be more productive in peace than they have been since the war. 'The effects of this extension of our Debt on that Constitution, the War was undertaken to preserve, is perhaps still more alarming. I hesitate not to say, that, even in our present situation, it becomes a matter of indifference, whether it is a Monarchy, an Aristocracy, a Republic, or a mixed Government-Were it the fairest form of constituted authority the mind of man ever conceived, with a revenue of 25,000,000, it must be a Despotism; that is, the person possess the management and controul over so large a proportion of the ing national national income, must regulate with despotic authority the actions and the conduct of his countrymen.' Here we totally differ from his Lordship. He must surely be a miserable and stupid statesman, who could not devise regulations with regard to the receipt and expenditure of any revenue, however enormous, that would prevent the persons to whom it was intrusted from acquiring despotic power. The style of this pamphlet is clear and correct. His Lordship, however, has one phrase, moderate in the extreme, p. 43. which would perhaps be more suitable to an Hibernian than a Caledonian author. Art. 19. Reflections on Government in General, with their Application to the British Constitution. By Charles Watkins Esq. 8vo. pp. 72. 2s. Butterworth. 1796. The object of this pamphlet is to establish the excellence of the principles of the British constitution; and the author makes abundance of quotations, to prove a point which, we believe, has never been doubted. We give him credit for his political principles, and for his good intention in endeavouring to recommend them: but we cannot say that his work is distinguished for any vigor, novelty, ingenuity, or comprehension. Art. 20. Thoughts on National Insanity. 8vo. pp. 40. son. 1797. Is. JohnAs it is well known, (says this writer,) that there are individuals of the human species, who are occasionally deprived of the use of their reasoning powers, and sometimes totally; and who, in that situation, are incapable of taking proper care of themselves, or of adopting that mode of conduct which would be most conducive to their real interest; so it is also true, that, at certain periods, whole nations, or at least the greater part of them, have been under the influence of a kind of temporary delirium. When the majority of a nation discover a total ignorance of their own real advantage, when they manifest an extreme incapacity of reasoning concerning it with any justness or accuracy, when they plunge headlong into measures highly pernicious or destructive, and when they listen to no rational remonstrances upon the subject, they are then in a state so exactly similar to that of individual lunatics, that such a people may properly be said to be in a state of national lunacy. The English have undoubtedly distinguished themselves, at particular periods, above most of the modern nations of Europe, by their courage, industry, activity, talents, and love of liberty. But as it has been said, that there is a certain degree of wit and genius, which is sometimes strongly tinctured with insanity; so it may be remarked, that the people of England, however distingished as a nation, have, at certain times, exhibited marks of lunacy, scarcely to be equalled by any other nation.' We subscribe to this opinion, although we do not always agree with the author in the instances which he adduces to prove the madness of our country. We do not think that the people of England were mad in restoring Charles II. (vile as his character proved) to the throne of his ancestors. "We conceive that they acted with wis dom dom and prudence, in changing the despotism of a band of fanatics for the milder government of the antient constitution: even in its then imperfect state.. This pamphlet possesses, however, some merit. It concludes with the following observations: 'As individuals, who have been in a state of lunacy, are sometimes restored to their senses, so it also happens to nations. And, whenever the people of England return again to their senses, they will probably inform their ministers, or their representatives, that it is not conformable to their wishes, nor to their interests, that enormous subsidies should be paid to foreign princes, for rendering no. services to this country: that it is not beneficial to them to be engaged in unnecessary wars; that they have a just right to expect to be more fully and more equally represented in parliament; and that no laws ought to be passed, or ought to exist, which deprive them of the freedom of speech, or the freedom of the press, or of the liberty of meeting to consider whether they are aggrieved. Amidst all the distresses of the present period, the inhabitants of Great Britain have, however, yet some consolations. They have the pleasure of reflecting, that they have enjoyed a great national credit; of which it is a sufficient evidence, that they are now more than four hundred millions in debt. They have likewise the advantage of a great varitey, and great plenty, of new and ingenious taxes; the prices of all kinds of provisions are at such a rate, that the poorer, and even the middle class of the community, are very sufficiently secured from luxury; and the people have also the singular felicity of having William Pitt, the younger, chancellor of the exchequer, and first minister of this country.' Art. 21. The Proposals for a General Peace submitted to the French Republic through the Negotiation of Lord Malmesbury, examined and exposed, in a Speech delivered on his Lordship's official Correspondence with M. de la Croix being presented to the House of Commons, December 30th, 1796, by the Right Hon. Charles James Fox. 8vo. PP. 40. IS. Ridgeway. The character of Mr. Fox, as an orator, is so well known to the public, and the merits of this particular speech have been so justly appreciated, that we think it unnecessary to say any thing farther of it than that it appears to be accurately reported in the present publication. Art. 22. Is. Owen. 1797. In this animated production, the writer attacks all parties in turn, without giving himself the trouble of advising the public whom they are to trust, or what measures they ought to pursue. In the following passage, he laments that the number of the political public' is increased. It does not appear necessary, if it were possible, to compute, as has lately been attempted, the numbers of this important class, 30 well called the natural representatives of the people. While some |