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a posthumous claim to our compas. drink in the dark.” MacCallin More sion, almost to our esteem, by the is the son or descendant of the great verses found in his pocket-book. The Colin; the Legend makes him the son bloody and inflexible Claverhouse, of Malcolm. graceful in figure, polished in man- Making allowance for this necessary ners, and chivalrous in action and de- indistinctness in his Highland delimeanour, betrays us for a moment in- neations, this Tale appears to us to to tolerance of what we should abhor. be written with as much spirit as any Rude sincerity, and a tincture of gene- of the author's former productions. rous gallantry, make us endure, with. His usual power of painting battle out much disgust, the licentious ha- scenes in all the vivid colours of poebits and coarse manners of Bucklaw. try, while he adheres strictly to the In short, glances of moral feeling or historical details, does not fail him kindly sentiment redeem the failings here, thus adding the glow and vivaof all such of his characters as are not city of fiction to the sober charm of intentionally pourtrayed as consum- truth. Certainly nothing can be more mate villains. Why we have no spe- affecting than the deep anguish which cimen of an amiable or even respect- wounds the noble heart of the knight able Highlander among the many who of Ardenmore, when he sees his chief are troduced to our acquaintance, is retire before the master spirit of Monhard to say. This desideratum can trose at the first onset. The whole only be accounted for by the author's “ current of a heady fight” presses drawing his knowledge of this people before us, and all in admirable keepentirely from the sources above allud. ing. There is one circumstance in ed to. It may be said, that Fergus which, on this and on similar occasions Maclvor is a gallant and interesting formerly, the author seems to dwell personage. He is “ gallant and gay," con amore, and to indulge rather out of no doubt, but much more a Fri nch- place his delight in the ludicrous. It man than a Highlander, full of in- may be asked, in the first place, does trigue and ambition, and having no the horrid spectacle of stripping the attachment to his vassals, farther than yet warm dead afford the smallest as they serve the purposes of his in- room for the ludicrous in description; terest or his pride. The most fa- and, next, do Highlanders in general vourable view we have of the native show that brutal eagerness in tearing character is in the devoted fealty of off the clothing of the dying, which Evan Dhu. But fidelity to a chief, is ascribed to them both here and at tain and love to a foster brother are Prestonpans? We doubt if there is among those obvious and strongly any ground for this insinuation, and marked features, that can scarcely be are certain there could be no jest in missed even by a less skilful painter. such a practice if there were. StripWhat proves that the peculiarities of ping the dead is too common in regu. these people would be well discrimi- lar war, where there are always camp nated if they were well known, is the followers whom usage has hardened perfect resemblance of the veteran to the practice. But the sacreriness serjeant and his faithful sister, in the with which the dead are regarded in introduction to this legend, to such ori. the Highlands, makes it rather improginals as exist, and might have come bable that this revolting violation of within reach of the author's observa- the feelings of humanity should be tion. Could he have known as well particularly prevalent among people the more pleasing minutiæ of domes- unused to the hardiness thai grows in tic life in the glens, he would have camps, and holding the rites of sepul. drawn it with equal fidelity. His ture in solemn veneration. That arms Celtic friends, who show some libe- and money might be appropriated by rality in being his warm admirers, the victors is very probable; but we would gladly improve the purity of rather think it was usual to bury dehis Gaelic ; but this is of little conse- ceased enemies, wrapt in their plaids, quence, except to the initiated; to and should suppose a Highlander these, some of the Gaelic terms used would imagine that he would be border on the ludicrous. “ Deoch 'n haunted all his life by the spirit of dorris" is literally “ a drink at the any one whom he had stript and left door," in his mode of spelling, it is “a naked in the field.
HISTORICAL SKETCH OF THE PRIN- of this interest, which, in the sequel.
CIPAL BANKING COMPANIES OF EV- became the Bank of Venice. This ROPE.*
might probably be effected in the fol
lowing manner :-As the interest on The disorders which universally arose in the loan to Government was always rude ages from the diminution of the quan.
n paid punctually, every registered claim tity of standard bullion contained in the
in the books of this office might be coins of different countries, are now repro. duced in another form, and often to a still
considered as a productive capital; more ruinous extent, in the depreciation of and these claims, or the right of retheir paper currency.
ceiving this annuity, must have been ANONYMOUS. soon transferred, by demise or cession,
from one person to another. This When the public attention has practice would, in the sequel, suggest been so much excited by the discus- to holders of stock the simple and sions relative to the Bank of Eng- easy method of discharging their muland, the following historical sketch tual debts by transfers on the office of the principal banking establish- books, and as soon as they became ments throughout Europe will per, sensible of the advantages to be dehaps not be unacceptable to our read- rived from this method of accounting, ers. With some slight variations, it bank money was invented. is principally extracted from the The Bank of Venice was essentially " Cours d'Économie Politique” of a deposit bank. Though establisded M. HENRI STORCH, published at without a capital, its bills. bore at all Petersburgh in 1815, but we have times an agio, or premium above the added a variety of particulars. In current money of the republic. The many points of view this sketch will invasion of the French in 1797 occabe found to be extremely interesting. sioned the ruin of this establishIt shews, by an almost universal ex- ment. perience, the ruinous consequences BANK OF AMSTERDAM.--This bank which have invariably resulted from was founded in 1609, on strictly compermitting either the government or mercial principles and views, and not private individuals to tamper with the to afford any assistance, or to commix currency; while, by shewing that the with the finances of the State. Ampaper of the different Continental sterdam was then the great entrepot Governments constantly fell in value of the commerce of the world, and of as its quantity was increased, and rose course the coins of all Europe passed in value as its quantity was diminish- current in that city. Many of them, ed, it affords a practical proof of the however, were so worn and defaced as truth of the theory which teaches, to reduce their general average value that by sufficiently limiting the quan- to about 9 per cent. less than their tity of paper money, its exchangeable mint value, and, in consequence, the value may be raised to any conceivable new coins were immediately melted extent. We have annexed a short down and exported. The currency notice of the Bank of England; and of the city was thus exposed to great expect to be able, on an early occa- fluctuations; and it was chiefly to resion, to give our readers the most sa- medy this inconvenience, and to fix tisfactory account that has hitherto the value or par of the current money appeared of the Bank of France. of the country, that the merchants of
Amsterdam established a “ Bank” on BANK OF Venice.—This was the the model of that of Venice. Ils first most ancient bank in Europe. Nei, capital was formed of Spanish ducats ther the date nor the circumstances or ducatoons, a silver coin which which led to its establishment are ex- Spain had struck in the war with actly known. Historians inform us Holland, and with which the tide of that in 1171 the Republic being hard commerce had enriched the very counpressed by war, levied a forced con- try it was formed to overthrow. The tribution on the richest of its citizens, Bank afterwards accepted the coins of giving them in return a perpetual an- all countries, worn or fresh, at their nuity at the rate of 4 per cent. An intrinsic value, and made its own bank office was established for the payment money payable in standard coin of the
country, of full weight, deducting a * From the Scotsman.
“ brassage” for the expence of coinage,
and giving a credit on its books, or 1770, in order to obviate the incon- . * bank money,” for the deposits. venience arising from the receipt of
The Bank of Amsterdam professed bad coins, it was arranged that the not to lend out any part of the specie Bank should receive bullion as well as deposited with it, but to keep in its coin ; and it soon afterwards ceased coffers all that was inscribed on its keeping any account in coined money. buoks. In 1672, when Louis XIV. The Bank now receives specie in ingots penetrated to Utrecht, almost all who or foreign coins, as bullion only, which had accounts demanded their deposits renders the money or paper of this at once, and they were delivered to Bank the least variable standard of them so readily, that no suspicion any in Europe. Its standard is 47 of could be left of the fidelity of the ad- pure metal, 1 of alloy. Those who ministration of the Bank. Many of deposit pay less than one-half per cent. the coins then brought forth bore for the security, and one to one and a marks of the conflagration which hap- half per cent. for refining ; when they pened soon after the establishment of re-demand their deposit in the prothe Bank, at the Hotel de Ville. This per standard, which few do, but for a good faith was maintained till about profit on the metal beyond this charge, the middle of last century, when the preferring at all other times the Bank mapagers secretly lent their bullion to money. The Bank also lends on the the East India Company and to Go- deposit of Spanish dollars, by giving Fernment. The usual " oaths of of- its receipts payable to bearer; the fice“ were taken by a religious magi- charge for this accommodation is only stracy, or rather by the magistracy of 3s. 4d. per month, or 2 per cent. per a religious people, that all was safe; annum. The loans are limited to and the good people of Holland be- three months, when the deposit is relieved, as an article of their creerl, tired, or the loan renewed. The Bank that every florin which circulated as of Hamburgh is the best administered Bank money, had its metallic consti- of any in Europe; its business and tuent in the treasury of the Bank, accounts are the most open and best sealed up and secured by oaths, ho- known to the public. Its governors nesty, and policy. This blind confi- are responsible, and frequently reilence was dissipated in December newed. 1790, by a declaration that the Bank When Marshal Davoust retook would retain L. 10 per cent. of all de- Hamburgh, (4th of November 1813,) posits, and would return none of a less he seized on all the treasure he found amount than 2500 florins.
in the Bank, amounting to 7,500,000 Even this was submitted to and for. marcs banco: part of this treasure has given. But four years afterwards, on been restored by France. the invasion of the French, the Bank BANK OF VIENNA-Was founded was obliged to declare that it had ad- by Maria Theresa, in the seven years' vanced to the States, and the East In- war. The Empress issued simple dia Company, more than 10,500,000 “ bills of credit,” for 12,000,000 of florins, which sum they were deficient forins, ordering a proportion of the to their depositors; to whom, how- taxes to be receivable in this paper ever, they assigned these claims. Bank only. This regulation, by obliging money, which previously bore an agio those who had taxes to pay to purof 5 per cent, immediately fell to 16 chase bills, gave them at first a value per cent. below current money. superior to metallic currency. But the
This epoch marked the decay of an necessities of Government having led institution which had long enjoyed an to their excessive issue, gold and silunlimited credit, and had rendered ver were gradually withdrawn from the greatest services to the country, circulation. At length, in 1797, (a The amount of the treasure of the curious coincidence, the Bank beBank of Amsterdam, in 1755, was es- came altogether unable to pay its patimated, by Mr Hope, at 33,000,000 per in specie on demand, and was reof florins.
lieved from this obligation, while at BANK OF HAMBURGH.-The Bank the same time its notes were ordered ef Hamburgh was established in 1619, to be received as legal money. Their on the model of that of Amsterdam; depreciation soon followed, but was its stock originally consisted of Gere accelerated and exaggerated by the exa Iban crowns, called specie dollars. In pedient of creating a copper coinage,
of little value; 100 lb. of copper being sed their paper to 600,000,000 of coined into 2400 pieces, and stamped crowns of copper, or about L. 8,000,000 as of the value of 600 florins, which of our Sterling. This issue was exwere made the standard. During the cessive. The Bank paper could not subsequent years of the war, the Go- be liquidated even in copper, and fell vernment, fearing to add to the al- to the 96th part of its noininal value. ready exorbitant weight of taxation, In 1762 the Government owed the and without credit, had no other re- Bank more than 80,000,000 of silver source but to add to the quantity of crowns, or above L. 3,000,000 Sterpaper in circulation. In 1810, above ling. 1,060,000,000 of paper florins had Gustavus III. for a time, by strong been issued, and a forin of silver was and wise measures, remedied much of then worth no less than 12 or 13 flo- this disorder, but destroyed at last his rins in piper. The depreciation own labours, by making war on Ruscould be carried no farther, without sia: from this time the country has risking the safety of the State ; and been deluged by a paper-money within February 1811, the Government de- out value, and has been so completely clared it would issue no more ; and stripped of metallic currency, as to be ordered the current paper money to be obliged to use notes of the low value liquidated at ONE-FIFTH part of its of sixpence! nominal value, in a new paper money, BANK OF COPENHAGEN–Was called " Bills of Redemption," to be founded by royal authority in 1736, retired by a sort of sinking fund for- with a capital of 500,000 crowns : in med by the sale of ecclesiastical pro- 1745, in the tenth year of its establishperty. The misery and destruction of ment, it applied to Government to be property that was thus occasioned relieved from the obligation of dismay be conceived, but cannot be de- charging its notes in coin : it continu. scribed.
ed, however, to issue paper, and to Though the new paper, in point of make advances to the State, and to inintrinsic worth, was no better than the dividuals. The public suffered ; but former, the reduction of its quantity the proprietors gained ; their dividend alone served to assist its currency and was so large, that the shares of the support its value. In May 1812, 100 Bank sold for three times their oriflorins silver would exchange for only ginal deposit. In 1773, when the 186 of this paper, while the former Bank had issued 11,000,000 of paper had fallen below 12 to 1. From a crowns, the King returned their destatement, by Mr Haldimand, of the posits to the shareholders, and becomvalue of Austrian paper money in ing himself sole proprietor, carried 1815, 1816, 1817, and 1818, printed this issue to 16,000,000. Specie imin the Appendix to the Lords' Report mediately disappeared, and Governon the State of the Bank of England, ment was obliged to issue paper notes it appears, that in the month of April of a single crown. 1815, 100 silver florins were worth The evil being come to its acme, a 489 paper florins; and that on 12th remedy was attempted. In 1791, all December last, 247 paper florins were further emission was forbidden, and worth 100 silver ditto. The value of a progressive liquidation ordered. A paper has been gradually increasing new Bank, called the “ Species Bank," since 1816.
was created, with a capital, in shares, BANK OF STOCKHOLM,- One of the of 2,400,000 specie crowns. This most ancient, dates from 1657, and Bank is independent of the governwas established by the Government. mient; and the directors, sworn to be Its capital was 300,000 specie-crowns. faithful, are, in all that relates to its It issued notes bearing interest, and affairs, relieved formally from their payable to bearer. It borrowed at 4 oath to the Sovereign. Its issue of per cent. and lent at 6. It was so paper was limited to one and ninewell administered, that at the death tenths (less than double) of the speof Charles XII. its capital had aug- cie in its coffers. The former Bank mented to 5,000,000.
was to retire annually 750,000 of its Another Bank was afterwards esta. paper crowns. By these means it was blished, and soon united to the first. calculated to relieve Denmark in less They now made advances to the Go- than fifteen years from its oppressive vernment and to the Nobility, increa- load of paper money; but the event did not justify this expectation. When and the regulation, that it should be once the gangrene of a forced State received instead of specie in all the paper money has seized on a country, Government Treasuries, bore a value neither the Government nor indivi. above its nominal par with silver. duals can extirpate this “ caries” of In the first eighteen years, only the public economy, by mild and 40,000,000 (equivalent then to nearslow operations. Only a decided, ly L. 5,000,000 Sterling) were in cirprompt, and radical measure can re- culation, and no note for less than sieve a country sinking under an in- twenty-five roubles, or about L. 5, at creasing depreciation. In 1804, the the exchange of that time. This linew notes lost 25 per cent. compared mitation of quantity, with the real with the currency in which they were advantages of paper currency, made payable; the notes of the old Bank the assignats so agreeable to the pubwere at a discount of 45. In October lic, that, until 1788, they preserved 1813, the depreciation was such, that an agio, or premium, of five per cent. 1800 crowns in paper were offered for above copper money, and silver had one crown of silver!
not more than three per cent. preBANK OF RUSSIA.-Russia, too, mium in its favour. In 1774, at the has her paper money. On the 29th peace of that date, paper was on a par of December 1768, the Empress Ca- with silver. therine, at the commencement of the In 1786, the Empress created a war against the Turks, established the Loan Bank, and increased the mass Bank of Assignats, designed to issue of assignats to 100,000,000, engaging notes of bills payable to bearer. In to carry it no farther ; but the wars the manifesto, these notes were de- with Turkey, Sweden, Poland, and clared, in general terms, and very in- Persia, occasioned the failure of this distinctly, “ to be payable in current engagement in the year 1790. At money." This doubt, however, was her decease, in 1796, the assignats soon dispelled. In the first months in circulation amounted to about of their issue it was ascertained that 160,000,000 of roubles. they would be discharged in copper This increase was too great and too only, in imitation of the Bank of sudden, and necessarily led to depreStockholm. But this was as impos- ciation. In 1788, paper was at dissible as it was improper. The value count ; in 1795, it had sunk nearly of copper was too small and too va- one-third, and metallic currency had riable, and the difficulty of its trans- disappeared so much the more, beportation rendered it impracticable for cause paper notes of 10 and of 5 routhis purpose. Only gold or silver bles were issued, and all payments could be the standard. The notes, made in paper or copper. therefore, soon ceased to be notes of The progress of the depreciation credit, and became merely a State pa- will be rendered more evident by the per money. This paper money, how- following statement, which we extract ever, by its convenience, the modera- from another part of M. Storch's tion of the Government in its issue, work.
Account of the Number of Paper Assignats in circulation in Russia from
1786 to 1814 inclusive, and of the variations in their value as compared with silver.