sends the annuity to market, to be sold for paper already in circulation. If any credit is given, it is to the disposition of the people to pay the tax, and not to the Government which lays it on. When this disposition expires, what is supposed to be the credit of Government expires with it. The instance of France under the former Government shews that it is impossible to compel the payment of taxes by force, when a whole nation is determined to take its stand upon that ground.

Mr. Burke, in his review of the finances of France, states the quantity of gold and silver in France, at about eighty eight millions sterling. In doing this, he has, I presume, divided by the difference of exchange, instead of the standard of twenty four livres to a pound sterling; for M. Neckar's statement, from which Mr. Burke's is taken, is two thousand two hundred millions of livres, which is upwards of ninety one millions and an half sterling.

M. Neckar in France, and Mr. George Chalmers of the Office of Trade and Plantation in England, of which Lord Hawkesbury is president, published nearly about the same time (1786) an account of the quantity of money in each nation, from the returns of the Mint of each nation. Mr. Chalmers, from the returns of the English Mint at the Tower of London, states the quantity of money in England, including Scotland and Ireland, to be twenty millions sterling.*

M Neckart says, that the amount of money in France, recoined from the old coin which was called in, was two thousand five hundred millions of livres, (upwards of one

* See Estimate of the Comparative Strength of Great Britain, by G. Chalmers.

See Administration of the Finances of France, Vol. III. by M. Neckar.

hundred and four millions sterling) and, after deducting for waste, and what may be in the West-Indies, and other possible circumstances, states the circulating quantity at home, to be ninety one millions and a half sterling; but, taking it as Mr. Burke has put it, it is sixty-eight millions more than the national quantity in England.

That the quantity of money in France cannot be under this sum, may at once be seen from the state of the French Revenue, without referring to the records of the French Mint for proofs. The Revenue of France prior to the Revolution, was nearly twenty-four millions sterling; and as paper had then no existence in France, the whole revenue was collected upon gold and silver; and it would have been impossible to have collected such a quantity of revenue upon a less national quantity than M. Neckar has stated. Before the establishment of paper in England, the revenue was about a fourth part of the national amount of gold and silver, as may be known by referring to the revenue prior to King William, and the quantity of money stated to be in the nation at that time, which was nearly as much as it is

now.

It can be of no real service to a Nation, to impose upon itself, or permit itself to be imposed upon; but the prejudices of some and the imposition of others, have always represented France as a nation possessing but little money -whereas the quantity is not only more than four times what the quantity is in England, but is considerably greater on a proportion of numbers. To account for this deficiency on the part of England, some reference should be had to the English system of funding. It operates to multiply paper and to substitute it in the room of money, in various shapes; and the more money is multiplied, the more opportunities are afforded to export the specie; and it admits of a possibility (by extending it to small notes) of increasing

paper, till there is no money left. I know this is not a pleasant subject to English readers; but the matters I am going to mention, are so important in themselves, as to require the attention of men interested in money transactions of a public nature. There is a circumstance stated by M. Neckar, in his treatise on the administration of the finances, which have never been attended to in England, but which forms the only basis whereon to estimate the quantity of money (gold and silver) which ought to be in every nation in Europe, to preserve a relative proportion with other na

tions.

Lisbon and Cadiz are the two ports into which (money) gold and silver from South America are imported, and which afterwards divides and spreads itself over Europe by means of commerce, and increases the quantity of money in all parts of Europe. If, therefore, the amount of the annual importation into Europe can be known, and the relative proportion of the foreign commerce of the several nations by which it is distributed can be ascertained, they give a rule, sufficiently true, to ascertain the quantity of money which ought to be found in any nation at any given time.

M. Neckar shews from the registers of Lisbon and Cadiz, that the importation of gold and silver into Europe, is five millions sterling annually. He has not taken it on a single year, but on an average of fifteen succeeding years, from 1763 to 1777, both inclusive; in which time, the amount was one thousand eight hundred million livres, which is seventy-five millions sterling. *

From the commencement of the Hanover succession in 1714, to the time Mr. Chalmers published, is seventy two years; and the quantity imported into Europe in that time, would be three hundred and sixty millions sterling.

* Administration on the Finances of France, Vol. iii.

If the foreign commerce in Great Britain be stated at a sixth part of what the whole foreign commerce of Europe amounts to, (which is probably an inferior estimation to what the gentlemen at the exchange would allow) the proportion which Britain should draw by commerce of this sum to keep herself on a proportion with the rest of Europe, would be also a sixth part, which is sixty millions sterling ; and if the same allowance for waste and accident be made for England, which M. Neckar makes for France, the quantity remaining after these deductions, would be fifty-two millions, and this sum ought to have been in the nation (at the time Mr. Chalmers published) in addition to the sum which was in the nation at the commencement of the Han-over succession, and to have made it in the whole at least sixty-six millions sterling; instead of which there were but twenty millions, which is forty-six millions below its proportionate quantity.

As the quantity of gold and silver, imported into Lisbon and Cadiz, is more exactly ascertained than that of any commodity imported into England; and as the quantity of money coined at the Tower of London, is still more positively known, the leading facts do not admit of controversy. Either, therefore the commerce of England is unproductive of profit, or the gold and silver which it brings in leak continually away by unseen means, at the average rate of about three quarters of a million a year, which in the course of seventy-two years, accounts for the deficiency; and its absence is supplied by paper. *

*Whether the English commerce does not bring in money, or whether the Government sends it out after it is brought in, is a matter which the parties concerned can best explain; but that the deficiency exists, is not in the power of either to disprove. While Dr. Price, Mr. Eden (now Auckland) Mr. Chalmers, and others,

The revolution of France is attended with many novel circumstances, not only in the political sphere, but in the circle of money transactions. Among others, it shows that

were debating whether the quantity of money was greater or less than at the revolution, the circumstance was not adverted to, that since the revolution, there cannot have been less than four hundred millions sterling imported into Europe; and therefore, the quantity in England ought at least to have been four times greater than it was at the revolution, to be on a proportion with Európe. What England is now doing by paper, is what she should have been able to do by solid money, if gold and silver had come into the nation in the proportion it ought, or had not been sent out; and she is endeavoring to restore by paper, the balance she has lost by money. It is certain, that the gold and silver which arrive annually in the register-ships of Spain and Portugal, do not remain in those countries. Taking the value half in gold and half in silver, it is about four hundred tons annually; and from the number of ships and galloons employed in the trade of bringing those metals from South America to Portugal and Spain, the quantity sufficiently proves itself, without referring to the register.

In the situation England now is, it is impossible she can increase in money. High taxes not only lesson the property of the individuals but they lesson also the money capital of the nation, by inducing smuggling, which can only be carried on by gold and silver. By the politics which the British government have carried on with the inland powers of Germany and the continent, it has made an enemy of all the maritime powers, and is therefore obliged to keep up a large navy; but though the navy is built in England, the naval stores must be purchased from abroad, and that from countries where the greatest part must be paid for in gold and silver. Some fallacious rumours have been set afloat in England to induce a belief of money, and, among others, that of the French refugees bringing great quantities. The idea is ridiculous. The general part of the money in France is silver; and it would take upwards of twenty of the largest broad wheel waggons, with ten horses each, to remove one million of sterling of silver. Is it then to be supposed, that a few people fleeing on horse-back or in postchaises, in a secret manner, and having the French Custom-House