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Show (467) (47) Public Banks are, undoubtedly, attended with great come- nienccs. But they alfo do great harm; and iftheir cmiflions are not reflrained and conducted with great wifdom, they may prove the melt pernicious of all inititutions; not only, by fubfiitiitingfiflitiour for rm] wealth; by increaiing luxury; by railing the prices of provifions; by concealing an unfavor~ able balance of trade; and by rendering a kingdom incapable of bearing any interim! tumults or external attacks, witho ut the danger of a dreadful convulfion: But, particularly, by becoming inf'rruments in the hands of miniflers ot'ftate to in,~ create their influence, to leffen their dependence on the per» ple, and to keep up a delufive thew of public profperity when, perhaps, ruin maybe near. There is, in truth, nothing that it. government may not do with fuch a mine at its cornmand l a public Bank, while it can maintain its credit ; nor, therefore, is there any thing more likely to be IMPROPERLY and DANGERC-UsLY ufetl.-»But to return to what may be more a plicable to our {late at prefent. A mong the caufes that may produce a failure ofpaper-credit, there are two which the prefentquarrel with A'mzrira calls upon us particularly to coni'ider.-Thc firtt is, " An unfavourable which mull prove, that the whole fuperltruérl‘t‘ure oli'papctire now fupported by it, Will break down.'- he onhy rein: MB : Tech circumflances, is an increafe of coinage at t‘e mpgm‘ u. this will operate too (lowly; and by railing tlhe pilciioh union: will only increafe the evil.fl---lt is the. B,""‘_" t at}at titLx atliiip. mutt be the immediate fullerer: her it is from trance t, at L .o a \u ho want coin for any purpofe Will always draw it: é /" h d For many years bet‘ore 1772, the price of fpol ‘in éilafl'l‘h‘ig been, from 2 t0 3 or 4 per cent]. highprht an‘ in {it}, Quid was a temptation to melt d0wn and exportt ecorn, Hw i): c . n N121; not be refilled. Hence arofe‘a dermand forrlt 0: il‘? and, conftquently, the neeeflity o. purchaiingk up rennin} 1i for a new coinage. But the more coin the Ban Tprocufir in tn ; way, the lower its price became in compfm on Iwrtz'tiat o bullion, and the failerit vaniflied; and, conlctluent y, 1rtnle mpre :necefl‘ary it became to coin again, and the greater loft lel [If-JR w-Had things continued much longer in tits ltrain, the Bank. the confequences might have proved very terious. I am 'y inc nae-ans fulliciently informed to be able _ to allign 1tine can 1:. -u}t, wit - which produced the change that happened in 17:72. " balance of trade." This, in proportion to the degree in which it takes place, mutt turn the courfe of foreign exchan ge. out doubt, the {bite of things that tonic place before tiat')e‘a.r rout": be expected to return. The fluetiiations of trade.,}1n in hell. hate, render this unavoidable. But tne cor-Heft Witi our againl'c us; raife the price ot‘bullion: and carry oil‘our {pecim The danger to which this would expol‘e us is obvious; and it f-*- a: lv be diltrele attendin r it. ha; been much inereafed by the new coinage of the gold {pecic which begun in 1772. Beforethis coinage, the greater‘t part of our gold 'eoin being light, but the fame in currency, as if‘i had been heavy, always remained in the kingdom. But, being now full weight, whenever a wrong balance of foreign trade alters the courfe of exchange, and gold in rain becomes oflet‘s value than in ear/55.12, there is reafon to tear, that it will-be melted down in {uch great quantities, and exported to falt, as in a little time to leave none _b'e,‘,ir1d;"é the confequenc e of ‘ ' ‘ ' Mr. Lorwmfer, in the difpute between him and Mr. 1.0011, method ‘ . Lr‘i'tili‘itbioiiv that the balance (liftrzide with their: is greatly in our favour ; '- and that this balance is_ paid partly by ciret. hrernivt: Lance's of bullion ; and partly by Cir-Curious remittances t merit; Emily, Partugal, Italy, Sec. wwhich d‘lmlrll‘ifil Vii:- Fhagfnjff..:g;;:ix . , - V - w.. :5 With thete countries.--~-r-i/uring tn. , i method that is likely toincreafe the coinage. [I 4 L‘. y ‘ employed 4 Forkwhilil pincer-ere; ' dit does in a 3:: at mature the l!l3i1i'lCl':Cif mono" at "one, i e; onion 5 ani lurker": are not under a iiecellity, as thpy were (lung-LL? 2):»; coming a q'iantity of (pecir: {or their lupin: trace ;lai.vrih13mPU"'l"n‘;' tlit brings monev t-L t‘m Mrrehants to oefleaporte'm y i‘k'r'oo‘i‘iiriz ,- which tnded for a reduction of the ltandard i'ilver. One of his reafons eonwas, that it would render the filver coin more commenfurate to the wants or" the nation; and CHICK HAZARDOUS Parrx-cxrm rn-Mr. Corr. DUIT, Sir 15AAC NEW'rON‘a fucceflbr in the mint, ‘ has propofed, in dire& contradiction to the. laws now in being, that all the bullion imported into the kingdom {hould be carried into the mint to be coined; and only coin allowed to he uporred. " The height, " he lays, " " paper-credit is the flrongelt argument for trying this. and Irvzglo of rlvr ' coin-:2; has a tendency to bring it on loon, and to encreafe un- "" go away iniEii l".‘,‘, Jim-"arr? BHj arrests] {i ibus'rria we Le a; .» ' gm: 1';- large C'llfl nicer. lllh, it t ie m: :l ;m "‘ Arid whet f3? «'t , .3 i it Wired .. M andt ,. U .\ tripportitinatni to. Vim; 9 'i tliel'tats oi‘oui (jolt: ' , A. on,. r r: tieeieale, 1i.\'r cation MAY 515;. alone (an. ibie quantity (:- .‘ifrric, tn'liit‘n . ..' 0'1lLI'V'i‘JOHS c... i. ‘- .‘" i_ ‘re Mr. [‘q.{.ril‘i: 1,_C,610,6 * l , , mti (err); in r730, Pug, 3, tr ' - to, and e ‘~ ' "fawniht .i i.npm.. ,; ' m, ofthe export; -f A wording to ili‘fi ' ‘1 ' , .3. -'i. v." North-Airy? caiiColoiiies. l mil before l'.ir'li.ini:'n! v tli: Maniac" ‘h'll a "A", ‘Tgvour any are to fir/g been, mm? 5; innit annua gr? u . in Ll your; lam»: tr, ,. V . |