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Show I To ) 3‘} L769, there were coined eight millim: and a half. "' mi? ': , This trade, it i'hould be cmrlidered, was not only thus a? incrcainia ' dc; but it was a trade in which we had no ri- VBli; ‘ ' J certain, confiazit, and uninterrupted ; and which, it v the {hipping employed in it, and the naval flares Iupplicd by it, contributed greatly to the fupport of that navy which is our chief national Ilrength, Viewed in their: lzgiits it was an object unlipeakably important. But it will appear Iiill more to Joe View it in its connexions and depenm eencies. it is well known, that our trade with flfrica and {ii-122471,; cannot ealily fubfii‘c without it. And, upon ~whole, it is undeniable, that it has been one of the main prings of our opulence and Z'p‘rendour, and that we have, in 2 Treat rncai‘ure, been indebted to it for our ability to bear a or, is. much heavier, ban that which, fifty years ago, the. xiii nicn thought would link us, I his ineliimable prize, and all the advantages conneéievi with air/infra, we are now throwing awavi Experience alone: can Ines/v what calamities muli follow". It will indeed be has appeared lately, that thegoltl Ipsrcir: now left in the EQ'I‘Q‘H riom is no more than about twelve millions and a innit-w Not Io much as half a million of .5?!le [wag ha» b3") conel thele lixty years; and it cannot be {uppoi‘cih that ii i: quantity of it now in circulation exceed; tin; or three rnilliom. l he: \i/l'IOlC fpecie ofthc kingdom, tlieietoi‘c, is, iiuzl‘alnly :n this time about »[~ Fourteen or fifteen mihiora (){rhis form-a] million; muit be boarded at the 13w --m(}ur circulating J/ym',‘ therefore, appears to be greatly decr ales). but our wealth, or the quantity of money in the kingdom, i gr early incre2i‘ed, This is paper to a val} amount, illned in almoii every corner oft ie kingdom; and, particularly, by the BANKOI‘ENGLAND. \Vhil‘: this paper maintaim its credit it anfwers all the purpol‘es oflpecic, and is in all icl‘pccls the fame with money. Specie reprel‘ente tome real value in goods or Commoditiea On the contrary; paper repreients immediately nothing but iipeciei it is a promife or obligation, ,vhich the emitter bzings himlclf under to pay a given tum :7: coin; and i: owes its currc icy to the credit of the c‘zi‘il'ticxl'3 or to an opinion that lJC is nyllmnl‘ning if this kingdom can bear inch 2 lofs without "able to make good his engagemerw . and that lilt. lien i‘pecitit'd oream‘ul confequences. Thefe confcquences have been :i'nplv reprefcnred by others; and it is needlefs to enter intrf.a may be received upon beingdemaminim-Paper, therefore, re- ;irelents‘ coin, and coin repielents real value. 'l'hat la. the one i: any account of them At the time we {hall be feeling them f- l he Empire difmembered; the blood of thoufands {bed in an unrighteous quarrel; our firength exhaulled; our Men chants breaking; our manufacturers liarving; our debts ina creating-1;. the revenue finking; the funds tottering; KhF/AITIEICII‘e‘S of a public bankruptcy impending and all At fuch a r. ,m Imirld our natural enemies, eager for our ruin, Icize the opportunity JI‘hc apprehenfion is too diflrefling. Let a/‘ign ofwealth. The otlné‘is the/r1; (it th: ‘17:, ‘ ~--I'iutl.tr€l7t'!‘. Coin is an twitter/LIZ fig!) of wealth, 2.1!".' mil ‘viocure it ever: ,4 any lilrlk'ku-‘llll the where. it will bear any alarm, and iun,li;15 only .1 locw' contrary. aper, owing; its currency 4 . to or and imaginary value. it can lifilifl no illi'TL‘lL. It gridiron; 41V the approach of danger; or cren ting/"afgépisiz oi ; l in lilort. Coin is the LPills of our paper Cttflit; , it either all (leltroyed, or were only [llr' (permit; ti ' Us View this {ulijefi in another light. ‘ Un this occalion, particular attention fliould be given to beyond a certain limit" the paper c3:'<.;uli.tior: of would link at once. But, here on: paricroeitroxctl, ,» e "f3 Pl'cicnt 51:: ULAR Iituation ofthis kingdom. This is a circumilanr‘e of the utmoft importance; and as Iam afraid it' would not only remain, but till; i'; val'e, i7. proportior :5 not much confidercd, 1 will beg leave to give a diftiné't account of it. Q At the REVOLUTION the [pair of the Kingdom amounted, 1accrndmg to '* Dawmmt's account, to eighteen millions and a "all, l‘rorn the At‘crssron to the year 1772 there We" Wim‘d ft the mint, near zg‘millions of gold; "HIS 01:1; oi this time, and in ten or from January 1759 to januarv ioéo V) wen? i": \Vorks, collected. and reviled by Sir Chile; 7 :-.:. .. i‘age 363, 35c. 4'73: 85:. ' . quantity of paper deliroyed. cm. any in 2:, From this account it loll/vars, that: far fiance-s, l‘pccie is not to be procured if; e " are tor in; Ar: . reprel‘ents fiat/.6713, and :5 v Liftii netting-fine 1'; ‘ kingdom is inconmierablc, compared with the amount ,i F ,2 * See Coni‘itierariens on I'xloney, Pullion, 35c page . 1- Or nearly the turns that it was in (.Tfiiig'flui'iul': .( . , v l ' ‘ I ' ".4, I. ‘315:! \m. : WUILS) Durenent , |
