revenue was about 15 millions of dollars. Its present resources are unknown.

(P.) Westphalia, Bavaria, Wirtemburg and Saxony, are kingdoms lately erected by the emperor of France. They form a part of the "confederation of the Rhine" noticed below.

(Q.) The Grand Duchy of Warsaw, is a power created by France, at the expence of Prussia and Austria, who aggrandized themselves at the expence of the Poles. It has lately been said that this country will be honored with a king.

(R.) Including Louisiana-a vague estimate. The population of the eighteen states is equal to about 12 persons to a square mile. Our revenue, derived from duties on imports, is constantly fluctuating-we have put it at 14 millions, being about what it would at this time amount to in a regular course of things.

(S.) "The confederation of the Rhine" is an association of many petty kingdoms and states, brought about by France, with the chief view (as it appears to us) of acting as a barrier to Austria, Russia, &c. and of otherwise aiding the emperor in his wars.

Blanks are left in those places we could not fill up with satisfaction, at present. When better information is afforded, we shall convey it to our readers, and they may complete the table with a pen.

I have taken the preceding table from 3 Niles's Reg. 121, adding the note included in Brackets. This was published in 1812. Niles's Register is a paper that pays much attention to statistical. documents, and is therefore valuable.

France.

and Ireland.

even while I am writing, the power of Buonaparte seems near its close. But the value of the facts will remain the same. The philosopher will ask himself, what causes produced the difference between 1792 and 1812? What causes have produced the difference between 1812 and 1814? What part of the statement is like ly to be permanent? T. C.

BANKS.

Belzebub engendra Law,
Law engendra la Banque,
La Banque engendra Mississippi,
Mississippi engendra Systeme,
Systeme engendra Papiers,
Papiers engendrerent Billets,
Billets ont engendrè Agiot,
Agiot engendra Larrons,

Larrons engendrerent Souscription,

Souscription engendra Dividende,

Dividende engendra Intrinseque,
Intrinseque engendra Argent-fort,
Argent-fort engendra Compte-ouvert
Compte-ouvert engendra Registre,
Registre engendra Billon,
Billon engendra Zero;

Zero,

Zero s'est enfin trouvè impuisante.

Í shall have occasion to say something by and by about BANKS, in mean time I must collect materials and facts, and make a few preliminary observations. The publications of Dr. Bollman on Banks, viz. paragraphs on Banks; and the letter to Alexander Baring, Esq. on the currency of Great Britain, in the second vo lume of Walsh's American Review, are tracts of sterling merit. I shall probably vary from Dr. Bollman, in my views of the subject.

For the present I shall briefly state the nature of the Bank-es tablishments of Great Britain

There is in that country, but one incorporated Bank, the Bank of England, liable by law no further than the amount of their incorporated capital. There are now nearly nine hundred provincial banks, of which the partners are individually responsible as in all other cases of partnership, for the debts of the firm. The setting up of any firm, or joint stock company, and selling or transferring shares therein with pretence of liability no further than the joint stock, is made a punishable misdemeanor, by the act of 6 Geo. 1 ch. 18, § 18, called the Bubble act. See the King against Dodd, 9 East, 516; and Buck against Buck, 1 Campb. N. P. Rep. 546.

The Bank of England was incorporated in 1694, and its capital in 1746 enlarged to 10,780,000l., which by accumulated profits has so encreased, as to be lately reckoned at 17 millions sterling.

This Bank, receives deposits, issues notes, discounts bills at sixty and ninety days, and advances money to government; who hold permanently 11,626, 00l. of the bank capital, as a loan, for which they pay interest.

Bank notes are promissory notes payable on demand in the current coin of the nation, which formerly was silver, but is now gold. Bank notes were usually paid in guineas, till 26 Feb. 1797. But during the year 1796 the calls for cash were so frequent, that the coin and bullion in their vaults scarcely amounted to a million and a half sterling. To lessen this demand, they lessened their discounts from 11 millions to 8 millions; their discounts varying from 8 to 14 millions. On the 6th Dec. 1800, the amount of Bank of England notes in circulation was 15,450,9707. in 1810, 21,406,9307. at which time the notes of private bankers was estimated at four times as much. This great demand for cash was attributed to the alarm of invasion, and had it gone on, the bank must have stopt payment. On this occasion, government, by the Restriction act of 1797, made the bold experiment of ascertaining whether the national business, private and public, could not be conducted without coin, by means of the paper credit of the country, which every individual in it, had an interest in supporting. They forbad the Bank to pay out any more coin: and hitherto the experiment has succeeded. On 24th July, 1811, the act passed making Bank notes a legal tender. Much controversy in and out of Parliament has arisen of late years as to the cause of the increased value of gold and silver, which the committee of the British legislature, has attributed to the stoppage of cash payments, the encreased Vol. II.

RR

emission of bank notes, and the hoarding of coin by individuals, from distrust occasioned by the two former measures.

I do not coincide in this opinion: for I do not believe the circulating bank notes, form one-tenth of the circulating medium, by means whereof, the trade-operations, internal and external, of Great Britain, are managed.

The Provincial Banks of that country were in 1793 280

In December, 1810, they were thus arranged. Country bankers in England who issue their own notes

613

For the most part, these provincial bank notes, promise to pay in bank notes of the bank of England at London.

The trade of the nation, both in Great Britain and America, is carried on, 1st. In a small degree, and in all petty transactions, by cash banks have the sure and constant effect of driving out of cir culation, all cash except what is necessary for current expences of a minor description. 2dly. Bank of England notes. 3dly. Provincial Bank promissory notes. 4thly. Transfer of credits on bank books. 5thly. Transfer of bills of exchange and promissory notes. 6thly. Somewhat in Great Britain and largely in this country, by accommodation notes, or mutual loans of draughts and indorsements, not founded on any real transaction. In England these are greatly discouraged: in this country, they are greatly encouraged.*

Each of these sources of circulation, may answer the purpose of a medium much beyond its nominal amount. Thus, a bank note of ten pounds, or ten dollars, may pass through ten hands in the course of a day, and thus become the representative of transactions to the amount of a hundred.

The transfer of government securities, bank stock, &c. is ra ther a particular species of trade, than a mode of payment.

* The whole paper circulation of Great Britain and Ireland was calculat ed (October 1810) at 4,500 millions of dollars; and the whole annual income of the nation at 250 millions of pounds sterling.