In the estimate of profit and loss amongst the late belligerent parties, Prussia appears, at present, to be the only sufferer. I had traced her diminution of territory and population upon the maps, and from the latest statistical tables; but a geographical explanation of the treaties of Tilsit has been published in Germany, which places these facts in a more intelligible form. According to this account, Prussia. in 1805, contained 1516 square leagues, and a population of 9,893,385 inhabitants. In 1805, the king of Prussia acquired an accession of 316,000 subjects, by the exchange with France of the provinces of Cleves, of Essen and Werden, of Anspach and Neufchatel, for the electorate of Hanover, which is reckoned to possess 900,000 inhabitants. Thus Prussia, at the beginning of the war, had a population of 10,309,385 souls; of which she loses 5,097,593 by the treaty of Tilsit. The following is an enumeration of its losses, which has hitherto been very incorrectly stated, as well as the representation of the countries which still reman to it :-- The part of the Duchy of Magdeburg, situated to the east of the Elbe 120,000 The Marche of Priguitz.. 79,000 Total of the inhabitants on 3,000 square leagues.. 5,211,792 Saxony, which did not reckon upon 2,100,000 souls on 3023 square miles, has received by the treaty of Tilsit, the following augmentations: By the district of Cotbus in Lower Lusatia.... -- Inhabitants. 32,260 The department of Bromberg, with the circle of Culm... By the Duchy of Warsaw, 2,027,567 inhabitants, as follows:.. .1,419,027 220,000 The department of Plock.... 315,540 73,000 2,359,827 A part of the department of Bialystock.. Thus Saxony possesses, at the present moment, 4,459,827 people. By the treaty of Tilsit, Russia gains, in the department of Bialystock, 439,780 souls; but she was obliged to cede, with the little county of Jever, 14,000 or 15,000, Thus Russia has obtained an accession of 424,780 inhabitants. The result is, that by thus defalcating from the losses of Prussia, the duchy of Warsaw, the territory of Dantzic, the circle of Cotbus, and the part of the department of Bialystock, ceded to Russia, France has at her disposition 2,332,985 inhabitants, which proceed from Prussia alone; to this must be added, Inhabitants 447,000 209,700 90,000 746,700 62 Thus the disposeable countries, which are in the hands of France, and of which the disposition is only in part known, contain 3,079,685 inhabitants. From this estimate it is evident, that the power of Prussia is annihilated, and that the Russians have acquired out of its wreck a degree of power which Buonaparte had denied them the right to possess. "We must drive the Barbarians back to their deserts," was the signal before the treaty of Tilsit; but by the terms of that treaty, they have been brought forward, and received an augmentation of territory from the spoils of Prussian Poland. The little district of Jever, which the Russians have ceded, is the only cession which has not been made out of the spoils of Prussia; so that Russia literally seems to have engaged in the war for the sake of the kings of Saxony and Westphalia, instead of her ally, the king of Prussia. This unfortunate monarch has so amply atoned for his past errors, that one cannot avoid dropping a tear upon his fate. He resisted, with fortitude, the storm which assailed him, and he did not cease to fight for his dominions, until he found himself deserted by his ally, and constrained to accept the terms dictated by Alexander, as well as Buonaparte. He has borne his calamity in silence; and his address to his former subjects, whom the caprice of his ally has dissevered from his dominion, is, at once, manly and affecting; it is the production of a mild, and beneficent heart, reconciled to the misfortune which has overwhelmed himself, and solicitous only concerning the future welfare of the faithful subjects he has lost. It runs thus: "You are acquainted, beloved inhabitants of faithful provinces, territories, and towns, with my sentiments, and with the events of last year. My arms, benumbed under the pressure of misfortunes, the exertions of the last remains of my army proved fruitless. Forced back to the outermost borders of the empire, and even my powerful ally having judged it necessary to conclude an armistice and peace, nothing remained for me but the wish to restore tranquillity to my country, after the calamities of war. Peace was to be concluded, as circumstances dictated; the most painful sacrifices were required of myself and my house.-What ages and worthy ancestors, conventions, love, and confidence, had united, was to be severed. My efforts, the exertions of all who belonged to me, were used in vain. Fate ordains- -a father parts with his children. "I release you from all allegiance to my person and my house. My most ardent wishes for your prosperity attend you to your new sovereign; be to him what you were to me. No fate, no power, can efface in my bosom, and in the mind of my family, the remembrance of you. "FREDERIC WILLIAM. "Memel, the 24th of July, 1807." Let these heart-rending lines be contrasted with the fulsome and idolatrous incense. of panegyric, which the degraded university of Leipzig have offered up to " the great protector of the Muses," as they call Buonaparte; I shall not pollute this page with a transcript of it; but posterity, distinguishing between the mild administration of a legitimate monarch, and the insatiate ambition of a ferocious conqueror, will know better than the preceptors of youth, who live in this troubled generation, how to estimate the virtues of the rulers of nations. With respect of our relations with the continental powers, little is known at present; the evils brought upon Europe by the versatile policy of Russia are notorious, and confessed; but the lurking mischief, if there be any, intended against this country, has not yet been revealed to us. Wherefore, we should consider that line of policy to be the best, which is calculated to guard the security of our own interests. In what manner this is to be effected, as far as our foreign relations are concerned, I confess my inability to advise the country; for I know not what are the views either of our own government, or of the governments of the continental powers. But, the mode of preserving the maritime rights of our country, and of rendering it invulnerable as an independent state, I cannot hesitate to develope. And, as I have no other means of knowing what the plans of the government may be, than what may be obtained through the medium of the public newspapers, I shall take the liberty of submitting, in my next number, a pian of national defence, whereby security may be obtained, and the disposable force left to the discretion of the government; which done, it will remain for me to explain the moral policy that ought to govern our councils henceforward. But I will venture to predict, that, notwithstanding the simplicity of my plan, (which has been reviewed and approved of by able persons in our service) it will not be adopted. The Review is open to every animadversion which may be made upon my system, as my sole object is to elicit truth, and to promote our common good. WEST INDIA AFFAIRS. The report from the committee of the House of Commons, on the commercial state of the West India colonies, which I have inserted in another part of this day's Review, contains as much important matter as ever was exhibited before the view of the British nation. It is not compatible with the objects of my review to insert the evidence given before the committee, by the merchants and planters who were summoned before it; but I shall here briefly state the substance of their evidence, in order to prove all the reasonings which I have so often urged upon the subject, in opposition to the pretensions of the advocates of the American intercourse bill. In the first place, it is to be observed, that not one person who has been examined before the committee, has given a positive evidence respecting the supplies of the colonies from the United States of America. Almost every gentleman who has been examined has given an opinion, but not a fact; because each person assumes an argument, founded either upon the opinion of others, or upon a system, which, unfortunately for the commercial navigation of this country, has been too long acted upon by the West India planters, and more especially by the planters of Jamaica. I am aware that this sentiment will bring down upon me the censure of some of the most valuable connections, but let them consider the important interests which they have at stake, and their near connection with the maritime preponderancy of the mother country. We find, from this evidence, that there are gentlemen possessing property in the West Indies, who are involved in debt, instead of receiving any profit from the property which they hold there. We now come to the evidence.-Mr. Mitchell, of Jamaica, states, that it is impose sible that island can be supplied from any other part unless it be from some European quarter ditto, from all the other gentlemen, with the exception of Joseph Marryat, esq. who is a considerable West India merchant, but does not state that he is a plan- ter; and, also, John Inglis, esq. from whom we have the most conclusive evidence, that the British provinces, in North America, are fully competent to supply all the wants of the West India islands, if due encouragement were given, as it ought to be, to our much-neglected provinces in that quarter. The state, then, of the case is this; Mr. Mitchell asserts, that British America cannot furnish the lumber and provisions requisite, according to his opinion, for Jamaica, and that the United States constitute the only resource for the Jamaica planter; admitting, at the same time, that the British provinces may furnish some, though not sufficient for the use of the planter. Mr. A. Wedderburne is of the same opinion, and so is Mr. T. Hughan. All these gentlemen are either Jamaica planters of great fortune, or agents for Jamaica planters. I may add to their evidences conversation which I have had with Jamaica planters, upon the same subject, who all entertain the same opinion. Sometimes the lumber of the British North American provinces, are too weak, too bad, in small quantities, inferior quality; then they are not sufficient, and, by way of finale, they are not adequate to the consumption required. But they all agree in this main point, that the supplies of the United States are generally paid for in cash or bills, and, consequently, it is admitted that the rum and molasses, form a very inadequate portion of the returns which the colonies make to America for their importations; therefore, the fact shows a commerce peculiarly injurious to the navigation of this country. Now let us come to the evidence of Mr. Inglis,---He is not only a merchant connected with the West-India islands, and interested as a planter, but also a merchant trading with the British provinces in North America, and with the United States. This gentleman positively asserts, that flour, and salted provisions, in sufficient quantity, not only can be, but actually are, supplied by British subjects to the WestIndies, and he further observes, that what is called West-India fish, taken and cured by British subjects, has been carried to Boston, and other parts of the United States, and from thence transported to the West-India islands in American vessels; and that the consequence of this traffic has been, that British seamen and fishermen have quitted their employment in Newfoundland, and the bay of Fundy, and entered into the American service. Mr. Inglis farther and emphatically observes, "I have at present, information, that there is fish in the market of Jamaica, which has been carried from Newfoundland and Nova Scotia more than can be sold. There certainly will be more difficulty in supplying the articles of lumber, because they are chiefly imported from the United States at present; but there is no doubt, that Canda and NovaScotia could supply a very great proportion of what would be required, provided there was a regular trade for the article, so as to encourage the people there to bend their minds to procure it." · THEORY OF MONEY,-Continued. -OF EXCHANGE, Continued. If it be allowed, that it is of no consequence, what a bill of exchange be paid in, provided only, that the holder receive value equivalent to the amount of the standard unit expressed therein, then it will appear evident, that, in general, the currency can have no effect on the rate of exchange, or the rate of exchange on the currency; but that the price of bills of exchange must depend entirely upon the demand for them, consequently, that the rate of exchange can never be really against a country without the balance of trade, or, at least, the balance of payments being also against that country. Indeed, this seems so clear, that it is conceived, that the rise or fall in the exchange upon bills is the only exact criterion to judge, whether the balance of payments is for or against a country. It has been generally allowed, that the common mode of ascertaining the balance of trade, by a comparison of the gross amount of the exports with that of the imports, taken from the custom-house books, is a very uncertain one; but it is believed to be still more liable to error than has been com monly supposed; for, when a comparison is made between the exports and the imports of Great Britain, and the conclusion drawn from the excess of the first above the last, that the balance of trade is in favour of that country, and, consequently, that the course of exchange should also be in favour thereof, a very important fact seems to` be completely overlooked, which is, that for a considerable part of the exports, no regular returns, indeed, in many cases, no returns at all, have been made, and, therefore, in balancing the account, no notice ought to be taken of these sums, which are still due. A very inadequate and lame view of the subject can be had, by merely comparing the gross amount of the exports and imports in a year, without taking this into consideration, as will appear at once evident, by simply reflecting upon the sums of money due to great Britain from all parts of the world. It is not sufficient to say, that because Britain has exported goods to the value of thirty-six millions, and has only imported to the value of twenty-nine millions, the balance of trade is seven millions in her favour, and that, consequently, the rate of exchange should be in her favour. Before making such a conclusion, it is necessary to prove, that the whole of the goods exported, have been paid for; it is very possible, that of the thirty-six millions, only twenty-five millions have been remitted for, and the remaining eleven added to the debts already due to the country; in that case, in place of a balance in her favour of seven millions, there would be a balance against her of four millions, and that this is not a bare supposition, may, at once, be proved by a reference to the state of accounts between Great Britain and the West India islands alone.-What immense sums of money are due by the single island of Jamaica! In the last three years of the late war, the trade of this country was most flourishing, and the amount of the exports from it greater than at any former period, the balance between exports and imports being estimated at seven millions on an average, it was thought extraordinary that the rate of exchange with Hamburgh should have been against it; but this phenomenon was accounted for by some circumstances which came out at the peace. When, by the treaty then concluded, Demarara was agreed to be restored to the Dutch, it was discovered, that that colony owed the merchants of Great Britain between eighteen and twenty millions, so that, having been only about three years in the possession of this country, it had contracted betwixt six and seven millions of debt annually, and thus the great balance of trade in favour of Great Britain was done away at once, without adverting to the balances due by the other new colonies of Berbice, Surinam, and Trinidad, to all which great sums were sent, especially to the latter. Settlements there having been a favourite speculation, goods to the value of several millions were exported to that island, for the express purpose of investing the proceeds in lands to be cultivated. During these three years, the rage for exporting was greater than ever was known, and many millions worth were sent, not only to the West Indies, but to America, for which no returns were made; in many instances, part of the goods are lying in these countries, to this day, unsold. When to this is to be added the immense sums paid by Great Britain for grain, during these years, estimated at fifteen or twenty millions, over and above the usual imports into the country, and which, therefore, were to be separately paid for, is it any wonder that the exchange,was against Britain, and the country drained of guineas? It appears very extraordinary, that, in all the treatises on this subject, no notice whatever is taken of this way of examining these matters; it is thought perfectly sufficient to state, from the custom-house books, that the exports have been so much, and the imports so much less; and, therefore, the balance is so much in favour of this country; without taking into consideration that the whole amount of the imports stands, positively, against the country as a debt which must be paid, and for which drafts are drawn upon it; whereas, for a great part of the goods exported, no drafts are drawn or received, because they are either sent to folks who are only to account for them a considerable time after, and perhaps may never account for them; or they are sent, upon chance, to be sold for what they will bring, by people to whom they are consigned, who in many cases do not sell them for years, and who, after they do sell them, often forget to remit for them. It is a well-known fact, that more mercantile people have been ruined by sending goods abroad upon speculation, than by any other line of business; and many merchants have suffered severely, by sending out goods ordered by those who never do remit for them. Whenever a great West India, or other foreign house, stops payment,-what is the excuse?-Want of remittances from abroad. Now, when a house, in that situation, exhibits a state of its affairs, the creditors certainly would not be satisfied to be told, that it had exported such a quantity of goods, and had only imported so much less; the query would be, have you been paid for what you have exported, or can you get payment? It is unnecessary to shew us debts on your books, unless you can also shew us how to make them effectual. Whenever the balance of payments run against a country, and, consequently, bills of exchange become in demand, and increase in value, then recourse is had to bullion; but bullion, being also an article of commerce, increases in value too, and therefore, in those countries where the coins really contain the full proportion of metal, they are immediately picked up, and exported as bullion; this has already been taken notice of, as an inconvenience attending the use of coins as a medium of circulation, and were there no other reasons, it alone would be an insuperable objection against banks in this country being obliged to give guineas for their notes. In Great Britain guineas are issued of the full weight, so that, allowing the price of bullion to continue at par, or at the price it was at, when the guineas were coined, it is equally advantageous to export guineas as bullion; but suppose circumstances should occur to increase the demand for bullion, and, consequently, to raise its price, then it must be evident that those who can get guineas to export, will just gain the amount of the rise upon the price of bullion. If, therefore, the rate of exchange should run against Great Britain for a length of time, and the bank of England was obliged to continue to give gold for its notes, it would either be ruined, or be forced to stop issuing altogether. When a merchant orders goods from a foreign country, he takes his chance of the exchange being for or against him; when he receives the invoice, and knows exactly how it is, should it be against him, he just adds the difference to the price he sells the goods at, so that, in general, it is not he that suffers the loss, it is the public; but, if, instead of buying bills or bullion at a high rate, he had it in his 'power to procure guineas from the bank, whenever he required them, he would save the charge of exchange to the public, if he did not put it in his own pocket; at any rate, it would land, exclusively, on the bank, for as long as the merchants could prevail on the directors of the bank to discount bills for them, they might make their remittances at an easy rate, by demanding guineas in exchange for the notes they received for the bills; and this might be done, until the bank was completely drained of ' guineas; when, if it attempted to continue issuing notes, it would be obliged to bring back those guineas from abroad, at such an expence as would soon ruin it; meantime the mercantile part of the community would be thrown into great confusion and |