THE UNIVERSITY OF ILLINOIS LIBRARY ■3*3 -2 "BS7 5 Tub REAL CAUSES OF THE HIGH RATE OF EXCHANGE, AND THS ONLY TRUE REMEDIES. Duljitn Printed, for the Author, BY D. GRAISEERRY 33, CAPEL-STREET, AND SOLD BY ALL THE BOOKSELLERS, L8Q4. PREFACE. THE Author, of the following pages, is not a Native of this Country, and is not at all intercfted, either in the fupporr, or luppreffion, of Public or Private Banks ; until within thefe few months, he was a believer in the doctrines laid down by- Lord King; upon his arrival in Ireland he endeavoured to reconcile the State of that Country to thefe doctrines, in doing this however, he found fuch difficulties occur as led him to give the Subject: a more at- tentive and deeper investigation, the con- fequence of which was a total ch nge in his opinions; the refult he new lubmits to the People of Ireland. Having had no opportunities of confulting public Do- cuments, and little of acquiring private information, he has confined himfelf entire- ly to general heads; but he trulls that the principles, he has (tated, will be found jud:, and the reafonings therefrom correct, and if fo, he hopes that this effay may have the effect of calling the attention of Go- vernment < * ) vcrnmcnt and the Country, to adopt fuch meafures, as may tend gradually but ef- fectually to cure the evil, inftead of at- tem iting to cut it off at once, by any hafty partial itep, which might involve the Coun- try in ftill greater diftrefs and confufion. The Publication of this work, having been delayed by fome unforefeen and una- voidable circumftances^ he is happy to find it, in part anticipated, by a fmall pam- phlet wrote by a ". Merchant of Dublin," in which, the principles and opinions arc exactly the fame, as herein flared. He hopes that this will be followed by other. Publications on jj\e fame fubjecl:, .until the eyes of the People of Ireland are opened %o the real (rate of the cafe, and their own true interefteo Dublin, zijl Jprill 1804, THE REAL, CAUSES &c. &c. -^ OR fome years paft, the rate of Exchange betwixt England and Ireland has been almoft invariably and heavily againfl the latter, the caufe of this has naturally been canvafled in this Country, and much has been written and faid thereon^ but few feem yet to underftand the fubject, and many erroneous opinions having been advanced, it is propofed to point out in the following work, what appear to be the real caufes of the high rate of Exchange, and to mow the only true remedies therefore. B Before ( 2 ) Before proceeding to point out what appear to be the real caufes of the high rate of Exchange, that the reafonings may be thoroughly underftood, a few obfervations on the nature of Specie and Bank Notes, as ufcd for a medium of circulation^ will be flated. In the rude flages of Society, the Intercourfe betwixt man and man, was carried on by bartering one article for another, and to this day, the Natives of the South Sea Iflands, and of many other of the barbarov.s parts of the world, know no other mode, than to give a Pig or fo many Cocoa Nuts, for a piece of cloth, a nail, or a hatchet. As man- kind advanced in civilization, the incon- veniencies of this became very foon apparent and an intermediate medium, which ihould bear a relative value to all the articles of neceffity and luxury, was found indifpenfibly neceffary; for this purpofe ( purpofe metals for many reafons appearing the mod proper, were employed from the fir/1. In the eafl, where learning and fcience fir/I made their appearance, the precious metals were in abundance, and feem to have been employed as a medium of cir- culation in the earlied ages; Abraham is fiated to have paid Ephron for a bury- ing place, four hundred fhekels of filver, current money with the merchant. When the fciences proceeded weilward, and Europe began firll to emerge from a flate of barbarifm, although a medium of circulation was found neceilary, yet as the country produced but little gold and filver, and had then nothing to give in return for them, the people were obliged to make ufe of the coarfer metals ; accordingly iron was the common medium of the Spartans, and amongft the Romans, for B 2 many ( 4 ) many ages, copper was ufed; indeed, it was not until they fpread their conquefts in Afia, that gold and filver were much known amongft them, and even then, thefe metals were more ufed as articles of luxury, than a medium of\ circula- tion. Amongft the nations which rofe upon the ruins of the Roman Empire, filver appears to have been principally ufed, it was found pretty abundantly in many of the weftern parts of Europe, but very little gold was got, and it therefore was not employed, until the difcovery of America, from whence fuch quantities of both were brought, as to reduce the value of lilver very confiderably, and to eftablifh gold as the principal medium, and it 'has fince been fo employed, by all fuch commercial nations, as have been able to procure it. BuX ( 5 ) But, as gold and filver are merely ar- ticles of commerce, and cannot be procured without value being given for them, before they can beeome the circulating medium of a country, where they are not the pro- duels, and therefore have to be imported, that country muft be far advanced in agri- culture manufactures and commerce, as it muft export, to the amount not only of all the goods imported by it, but alfo of the gold and filver required for the circu- lation, and which would really be added to the wealth of the country. When a quantity fufficient to fupply the circulation, is once introduced, that quantity will con- tinue floating in the country, as long as the value of the exports keep above, or even upon a par, with that of the imports. But as foon as the latter begin to pre- ponderate, or any other caufe ftart up to increafe the Remittances from the country, So as to exceed the value of the exports, then the gold and filver being of equal value ( 6 ) value on other countries, and eafily trans- ported, will be immediately employed, to make up the deficiency, and will be Sent out of the country for that purpofe. Ac- cordingly, it will be found, that they are ufed, as the general internal medium, only in thofe countries, in whole favor the balance of trade with other nations is. In Spain and Portugal, the countries into which they are firft imported, they make no permanent ft ay, but pais away to England, Holland and France, in re- turn for the manufactures &c. purchafed there to be exported to America ; and, in the northern countries of Europe, where manufactures and commerce have not yet made any great progrefs, they have been very little introduced, copper, a fmall pro- portion of filver, and paper, Supplying the, whole circulation. The high ftate of civilization, and coa> mercial knowledge, to which moft Euro- pean ( 7 ) pean nations have now advanced, has led to the difcovery, and introduction of paper as a medium of circulation, both external and internal. In their intercourfe with one another, inftead of exchanging goods, or fending gold and filver from one to the other, they employ the medium of bills of exchange; when a merchant in one country, fends goods to another, he immediately draws a bill for the amount, upon the psrfon to whom he fends them, and that bill he fells to any of his neigh- bours, who may have received goods from the country, to which he had fent, and for which the other has to pay; or elfe he receives from the perfon, to whom he has fent them, a draft upon his neighbour for the amount; fo that bills are drawn, or accepted, for all the goods, fent out or received into a country; and thus the in- tercourfe berwecn two commercial coun- tries is entirely carried on, by the inter- vention of bills of exchange, in fo far as the ( 8 ) the goods fent from one, are equal in va- lue, to thofe received from the other; but when they exceed or are lefs, then the difference is received, or paid away, for the moft part in gold. From this it will appear evident, that whenever a country has exported more goods, than it has im- ported, there bills of exchange will be plentiful, becaufe the fupply will always exceed the demand, and at lad:, increafe fo as to lower their value ; and there gold will alfo be abundant, as it will be imported to make up the balance; but, mould the exports of that country decreafe, untill they become lefs than the imports, then, immediately will the demand for bills of exchange become greater than the fupply and in confequence, their price getting above par, the gold in the country will be em- ployed, not only to make up the deficiency but to fupply the place of bills of exchange altogether, and this will continue, until the rate of bills falls, or the gold be all drained ( 9 ) drained out of the country. The inconvenience of the gold and fil- ver medium being thus drained out of a country, whenever the balance of Remit- tances run againft it, has been felt fo much in moll commercial nations, that they have been induced to fubllitute paper money, in place of gold and lilver, for their internal medium, for which purpofe incorporated bodies or banks have been eftablimed ; and this fyflem, has extended the moll: in thefe countries, where public credit and confidence moll generally prevail. When the people of a country have confidence in the fcrtune, probity and prudence of fuch as conduct thole banks, than the notes ilTued by them will completely aniwer all the purpofes of an internal medium of circulation; but they Can only be employed in the internal cir- culation, the/ will not pafs in foreign coun- tries, and therefore when a remittance is to be made to another country, recourfe C mull ( io ) mull frill be had to the medium of a bill of exchange, or to gold. If the ba- lance of remittances be in favor of the country, then will either of thofe mediums be ealily procured, but if the balance bt againfr, the country, then will they become fcarce and rife in value, and that rife will be according to the extent of that balance, and its continuance. Be (ides fupptying the internal medium* of circulation of the country, the Banks have been of the mod eiTential fervicc, in furnifhing Merchants and Traders with a floating capital, and extending the facili- ties of trading. In a country, where no Banks or paper medium exift, no man can be a merchant, who has not a capital to begin with, and even when he has, his operations are very limited; he mull have a certain fum of the gold and filver me- dium, ready to pay for the article he buys before he can get poileflion of it, and he mult ( * ) muft retain it in his hands, until he finds another willing to buy it from him, and ready to pay him the amount in the fame medium, and although he fhould in the mean time fee another article by which he might make a confiderable profit, yet he could not purchafe it, for want cf the medium to give for it ; whereas, in a country where Banks and credit are eftablimed, the fame perfon, although his capital was in- verted in the firfb article, might purchafe the fecond, becaufe he would get it on credit, and he would be enabled to fell either on credit, becaufe, if he required it, the Banks would difcount a bill for him, that is to fay, they would give their own bills in return for the one he got for thefe goods and would thereby enable him to go to market again with his original capital, or an equivalent thereto; and in the fame manner when a merchant fends goods abroad and receives a bill of exchange in return, as thefe bills are generally drawn C 2 at ( I? ) at fixty to ninety days date, he would be obliged to retain it in his hands until it was due, had he not the banks to re~ fort to, whenever he wanted money or a circulating medium for it;. Accordingly in every Country, where Banks have been eft ablimed. upon a proper foundation, Agriculture, Manufac- ture and Commerce, have flourilhed in an extraordinary degree, and this is no where more exemplified than in Great Britain, where the fyftem has been car- ried a greater length than in any other Country, and none have made more rapid advances in riches and wealth , No Bank exifted in England until near the end of the feventeenth century, when the Bank of England was eftablifhed, but it was not for many years afterwards, that country Banks ftarted up; within thefe forty to fifty years, thefe have in- creafed ( 13 > creafed very much. Still, although Bank Notes were found of great convenience in the commercial internal intercourfe, yet till lately, they were confined to a large value, none being allowed to be iffued under 5I. and the Banks were obliged to give Guineas for them on demand. The great commercial fuperiority of Eng- land over the reft of Europe had caufed fuch an influx of gold and filver, that plenty of both were always to be found as a cir- culating medium in the country, and the; prejudices of the people being in their favour, they continued to be employed, until the heavy wars Great Britain became engaged in, hurt and fettered her com- merce fo much, as on feveral occasions to throw the balance of trade againft her, and to caufe an exportation of the fpecie to fupply the deficiency; an Englifh guinea pafling current all over the Con- tinent, and in many places bearing a premium, they were eageily laid hold of for that purpofe, and in confequence, ^ conftant demand for them was made at the Bank. Daring the fir ft years of the war with the Revolutionifts of France, Government found it neceffary to fubfidize fome of the continental powers, and to fend troops there ; to pay thefe fiib.fi dieg and troops, confiderable fums were requU red to be remitted to the continent, partly at once in guineas, and partly by Bills of exchange, this threw the balance ef remittances againft England, and raifed the rate of exchange on bills fo much, that at la ft it became an object to thofe who had capitals unemployed to procure bank of England notes, demand gold for them, remit the gold to the continent, and then draw for the amount, this caufed fuch demands to be made on the bank, that the Directors were obliged in 1797 to, ftate the cafe to Parliament, and to implore their aid ; Parliament in confequence parTed the reftriction law prohibiting the bank g ivirt g ( H ) giving guineas for their notes, and em- powering them to hTue one two and three pound notes; this law has been continued ever fince. In Scotland, for many years back, the internal circulating medium has been entirely paper money. At the time of the Uni- on with England, Scotland was a poor deprefsed country; deprived of the feat of Government many years before, expofed to great religious contends and internal dis- turbances, having little foreign trade, and few refources within herfelf, She was oblig- ed to apply to England, for all the luxu- ries, and many of the necefTaries of life, to pay for which, and for the rents due to her principal noblemen and gentlemen, who reforted to England and there fpent them, every guinea was drawn out of her, and (Tie was always deeply in debt. Al- though flie had one public Bank almoft. as early as England, yet, as that Bank iflued their C »« ) their notes very fparingly for fear of be-* ing called upon for guineas, and the peo - pie foolifhly ftrove to keep guineas as the medium, the country made little progreft for many years, until after the eflablifh- ment of a fecond chartered Bank, when the more enlightened poliey of fubftituting pa- per for the medium encouraged the erec- tion of private Banks, then her rife was rapid, and during the laft fifty years it has been unprecedented. The ballance of re- mittances with London, and confequently with all the world, as all goes through Lon« don, is ( in fpite of abfentees ) now in her fa- vor. A bill of exchange on London is of lefs value in Scotland than in any com- mercial town of England, in Liverpool, Brif- tol, Hull, &c. it is reckoned cam* at two months date, in Scotland generally at twen- ty, and never above thirty days date. Be- fides three chartered Banks, there are from forty to fifty private ones, and it is very extra- ordinary but very true, that although in fome cafes ( *7 ) cafes the individual partners of thefe pri- vate ones may have fuffered, the public have never loft one (hilling by any of them; indeed in that Country, Banking feems to be better understood than in England, for for there the notes of each of thefe banks ptfs freely all over the country, whereas in England, the notes of a private bank are generally confined to the circle of a few- miles round the place where they are firft if- fued ; a NewcafUe note will not pafs at Car- lifle, and a Carlifle one will not pafs at Newcastle, when Scotch bank notes will pafs in either, and in England the pub- lic have fuffered often, and very feverely by the failure of private banks. In Ireland, Banking has made much lefs progrefs, than in Great Britain, and it is yet almoft wholly confined to a charter- ed bank, and three or four private ones in the metropolis. For a long time, the trade of Ireland was in her favor, D her ( is ) her exports exceeded her imports con- iiderably, and in confequence gold was plenty in the country, and conftituted her principal circulating medium. During the lair, ten to fifteen years however, a chain of unfortunate circumitances have occurred to diftrefs, her Agriculture, Manufactures, and Commerce, diminiih her exports and very confiderably increafe her imports and the remittances from her; and thefe have operated in fuch a degree as to drain both gold and filver from the country, fo that there is now no circulating medium but paper and bafe coin, and the rate of ex- change is increasing daily and heavily. When the refrriction was laid on the hank of England, it was alio extended to Ireland ; in England the circumilances which caufed it have in a great mea- fure palled away, and although it has been thought prudent to continue it, yet lit- tle inconvenience has been felt therefrom i In Ireland on the contrary, the caufes have ( '9 ) have continued to operate progrerlively and more feverely, and this has given occafion to people not thoroughly acquainted with the fubject, to impute the caufe to the ef- fect, to fay " that the Reftriction on the " Bank has been the caufe of the high " rate of exchange, inflcad of the high rate ** of exchange, being the caufe of the f* Reflriclion on the Bank." It is now propofed, to ftate the prin- cipal circumftances, which have tended for thofe feveral years pad, to throw the balance of Remittances againft Ireland, and confequently to raife the rate of exchange. The Exports of a country mud confift either in the produce of the foil, or of manufactures carried on there. In the early ftages of a Society, they generally are altogether the rude produce of the foil, in an advanced ftate altogether ma- D 2 nufacl rre«j ( 2° ) nufadlures; Ireland ftands between the two, although a very confiderable proportion of her exports flill confift of the pro- duce of Agriculture, yet fhe has one itaple manufacture of very great impor- tance, and a confiderable number of lef- fer ones. It will therefore appear very evident, that whatever caufes have had an effect to check and impede the pro- grefs of her Agriculture and Manufactures, mull have equally tended to diminish her exports, and confequently to throw the balance againft her. For feme years previous to the Rebelli- on in 1798, the new Revolutionary Ideas, which had fprung up in France, made a rapid progress through Ireland, where the minds of the people already inflamed with quefKons of Reform, were peculiarly difpofed \ to receive them ; hav- ing long flruggled for both Religious and Political reform, without iucceeding as far ( 21 ) far as they wifhed, they were eafily perv fuaded to believe, that it would be far better to overturn the Conftitution at once, than to make vain attempts at reforming it, and therefore they were foon and ilrongly fmitten with the mania of Li- berty and Equality; where that exifls fober induftry and application are to he looked for in vain ; the man who expects to be raifed by a political change, to eafe and affluence, will difdain to earn his daily bread by the fweat of his brow, and will look down with pity and con- tempt upon the poor fpirited being, who fubmits to do fo. Inftead of attending to the Plough, or to the Loom, the people fpent their time in attending political meetings, meetings of United Iriihmen, provilionary committees &c. to thefe they had perhaps ten or twelve miles to walk, and as many tp return; then came on nightly drillings to which many thoufands reibrted, and it is not to be fupppfed, or expected ( ** ) expected, that after attending one of thefe during the greater part of the night, a man could turn out to his labour in the morning, with the fame activity, as if he had enjoyed a peaceful ilumber in his bed ; by thofe practices therefore, the Agriculture, and Manufactures of the Country were con- fiderably injured. But they fuffered more ertentially upoi^ the actual breaking out of the Rebellion,, then, and for a considerable time after, a total flop was put to all bufinefs, and every thing w r as unhinged, all confidence between man and man being gone, the Com- merce of the country was at a compleat ftand ; her labourers left their ploughs, and her manufacturers their looms, and ei- ther joined the Rebels, or were embodied as Yeomanry to oppofe them. In the lat- ter cafe after a while moft of them re- turned to their labours; but very few of the infatuated beings, who left their peace- ful ( 23 ) fill homes to follow their rafh and hot- headed Leaders to the field, ever returned again, many fell in the field of battle, the greater part of the remainder, afraid to return to their dwellings, wandered over the country, vagabonds and outcafts, and were hunted like wild beafts; their wives and children left to flarve or beg, their houfes burnt or deftroyed, and their farms and poiieffions in many inftances, left wafte and unattended to. Their Leaders mared the fame fate, part loft their lives either in the field or on the fcafTbld; the re- mainder were drove to wander in foreign climes ; feveral of thefe were men of fplen- did talents and great abilities, wealthy and refpectable in their different flations, Pro* prietors of land, who might have amelio- rated the condition of the peafantry, and amended the yet backward ftate of agri- culture. Manufacturers, who might have improved the old manufactures, and in- troduced new ones, and Merchants, who might ( H ) might have aillfted to increafe the exports and to fend them to all parts of the world, but milled by a phantom and dazzled by an Ignis fatuus, their country was deprived of their fervices, and is left to mourn their lofs, as one would that of a mortified a?m or leg cut orL Co much ground lying wafce, much left feed was fown in Spring 1799, than ufualy and that fummef proving cold and wet,' the produce of what was fown was Hill lefs, fo that inftead of having grain to ex- port, it was found neceflary, in order to prevent a famine, to import very confi- derable quantities, for which large fums of money were fent out of the Kingdom, and as crop 1800 was by no means abundant, Importations, though not fo great; were alfo required that year. In 1800 and 1801, the Diflillers in Ire- land being prevented from ufing grain, and confined ( *5 ) confined to that of fugar, very large quan- tities of coarfe Sugars were imported from Great Britain for that purpofe, and the de- ficiency of Spirits in the Country was made up by importations of Rum, Brandy and Gin, to a confiderable amoant ; by all which the Remittances from the Country were much increafed. The Union with England, although it did not hurt the Exports from the Coun- try, yet contributed to throw the Balance of Remittances againft her, by adding to the Lift of Abfentees, and that in a con- fiderable degree. Befides the Members elec- ted to the Imperial Parliament, who are obliged to attend the Meetings of that Parliament, a very great proportion of the Noblemen and Gentlemen, who were Mem- bers of the Irifh Parliament, and confequent- ly lpent their Winters in Dublin, now re- fort to London* The contemptible attempt at IufurrecUon E in ( 26 ) in July laft, was another circumftanee* which affected the Trade of the Country, although its extent was little, and its dic- tation lefs, yet it gave a mock to all bu- fmefs. Civil war is the greatcft curfe that can befal a Country, PeJtilence and Famine pafs away, and are generally fucceeded by j health and plenty; but the effects of civil war are long felt, and to Agriculture, Ma- nufactures and Commerce they are very fa- tal. On this occafion it had an affect al- io on the Remittances, the dread of a re- newal of the horrors of 1798 having drove many refpectable people out of the Coun~* try. The excefiive drought, which prevailed all over Ireland laft Summer, affected the products of Agriculture very considerably, and thereby leffened the Exports ; befides the deficiency in fat Cattle, Butter, Sec. and in grain to be exported, a very large quantity of Barley and Potatoes have actually ( 27 ) actually been imported, and confequently mud be remitted for. Since the commencement of the prefent war, the threats of invafion held out, have cramped the Foreign Trade of Great Britain, and have tended to leffen very confiderably the demand from thence for the Linens, the Beef, the Butter, &c. of Ireland to ^>e fent abroad. The want of a proper Silver and Cop- per medium, has been of late feverely felt over all the Country, and the late ftop- page of the adulterated Silver, of which fuch large quantities had been poured upon the public, has cramped and hurt all re- tail bufmefs, and if not fpeedily remedied, muft tend materially to afFecl: the prof- perity of the Country. E 2 Thofe ( *8 ) Thole circumftances following one ano- ther fo clofe, have had the moft unhappy effects upon the Country, and although moft of them are only of a temporary nature, yet their confequences will be long and feverely felt. When they firft began to operate, they were not perceived, be- caufe whenever the demand for Remittances became fo great, as to make drafts fcarce, then recourfe was had to Guineas, with which the deficiency was fupplied for two or three years; until they became fcarce, then was the evil felt. Guineas had im- perceptibly difappeared, and the demand for Remittances frill continuing, the price of them got immediately up, and to what a height it would have rifen, it is not eafy to fay, had Government not applied a temporary relief by raifing the Loans in En- gland, and drawing from this Country for them. But this is a fatal Remedy, and if perlifted ( *9 ) perfifted in, will reduce the Country to beggary; it is exactly the fame as if a private Gentlemen mould borrow money upon his eftate, to pay the intereft of what he owed before. In Great Britain, when a Loan is to be raifed, it is borrowed in the Country, the advance is made by in- dividuals therein, before doing which, they muil: have made that money, and be actually pofTefTed of it. It is only transfer- red from the pocket of a private perfon, into that of the Community, it is fpent within the Country, aud the Intereft paid there, fo that the whole remains in the Country. Had Great Britain borrowed the immenfe fums (he owes, in foreign Coun- tries, and had there to remit annually the Intereft flic pay?, £he had long 'ere this ceafed to exift as an independent Nation. When Ireland negociates a loan in Great Britain, no part of it actually comes into her poflefllon the drafts for it are paid away, for intereft on former loans and Remittances ( 3° ) Remittances to abfentees, but the amount is placed for ever at her debit, and the Interefl muft in future be annually pro- vided fcr. Thus a load of debt is heaping upon her with a rapidity, that when ftated, will fcarcely be believed, as the people of the Country feem to have no idea of it, or to pay any at- tention to it whatever. It is a very true, though very melancholy fact, that Ireland is jult now above thirty millions poorer than fhe was in 1796, the Guineas then in circulation were fix to kven millions, thefe have almoft totally difappeared, they have been carried out of the Coun-. try, and nothing has been got for them, they went to pay debts due by her, incurred fince that date, and may there- fore be reckoned a dead lofs, and there is an actual debt due to England of twenty live millions 3 to this is to be added the prefent annual defalcation; a Gentleman of high refpe&ability, and great information* ( l« ) Information ftaied lately in the houfe of Commons, That The prefent Balance of Trade with Great Britain was agiinft Ireland £.1,000,000. The Intereil of Loans, due in England by Ireland, was, 1,300,000, and the Remittances to Abfen- tees were, 2,000,000. Making in all, £.4,300,000, And that was at the loweft calculation, 3S it is believed they might be proved to be much more. Againfl this there is nothing real to be placed, but the ba- lance of trade betwixt Ireland and the red: of the world, in a late publica- tion, the Balance betwixt Ireland and all the world, is fa id to be 900,0001 in her favour, if both thefe ftatements be correct, then the balance in her favour againfl: the reft of the w r orld -Should be 1,900,0001. But it is conceived that ( 32 ) that the author of the Pamphlet has been miftaken or mifinformed, at any rate his authority is very objectionable, a Cuftom- Houfe report never can be a fair evidence, every article of import, upon which any duty is paid, is entered as low as porli- ble, and upon no occafion is more than the prime coft , ftated ; but the greater part of the carriers of thefe goods being foreign vefTels, the freight, infurance and charges are alfo to be remitted for, and in many .cafes the goods being fent on conlignment, the profit if any is alfo to be included. One inftance may be flared, that of the immenfe number of VefTels, which bring Coals to Ireland from Eng- land and Scotland, it is computed that 250,000 Tons of that Article are import- ed into Dublin alone, allow as much for the reft of Ireland, the Freight, Infurance Charges, and Profit thereon may be fairly eftimated at 20s. per Ton, as the whole are foreign VefTels, there is 500,0001. on one ( 33 ) one Article to be remitted for, above what appears in the Cuftom-Houfe Books. Beildes, the Year he has taken 1802 is the only one, for eight Years paft, in which the Balance was at all favourable, a plentiful crop having that year given an opportunity of greater exports; feveral un- favourable circumftances having happened iince, it is believed that, at prefent the Balance of Trade of Ireland with all the world, is confiderably again ft her; let it be allowed however that the Balance with the reft of the world is i,ooo,ooq1. in her favour, upon deducting that from the above ftatement there will remain 3,000,0001. for which me has annually to remit, above all that me receives, and as that can only be done by funding, the amount muft encreafe every year. With fuch a Balance annually againft the Country, is it any wonder that the demand for Guineas is fo great, and the F rate ( 34 ) rate of Exchange fd high, is it not rather a wonder that the latter is not much high- er? there is little doubt it would be fo, were it not kept down by the drafts, for the annual Loans made in England, and for the pay of the Regulars in this Coun- try; mould thefe ceafe, and no favourable alteration take place, it is impoflible to fay to what a height it may go. A flight examination of thefe circum- fiances will at once mew, how much- deeper the wounds of the Country are, than has been generally conceived; and how ab- furd the doctrine is, " that the fcarcity of Specie and high 'rate of Exchange have been caufed by the Reftriction oil the Bank/' On the contrary, nothing, was ever dictated by founder policy, than that Reftriction, and although it was im- poffible that the Authors of that ftep eould forefee all that ha-s happened, yet if they had, they could not have hie upon ( 35 ) upon a wifer meafure, or one from which fa many benefits could accrue ; it has been the falvation of the Bank, and in a great degree of the Country. As this is a doctrine very different from the pre- lent favourite and commonly received opi- nions, it may be neceflary to ftate the Reafons, on which it is founded. As long as the Exports from Ireland nearly balanced, both the Imports, and fums drawn out of her by Abfentees, Gui- neas were employed as the circulating medium without any great inconvenience, they were plenty in the Country, and they remained in the Country, becaufe no profit was to be reaped by carrying them out of it, a bill of Exchange then at par being eafier tranfported, and with lefs rifk; and the Bank could always procure what quantity they required to fupply any demands made on them, thefe •demands being few. But, as foon as the F 2 Balance ( 36 ) Balance of Remittances began to be agaiiirt the Country, and consequently the rate of Exchange on Bills to rife, Guineas became in requefr, becaufe if got at par they were cheaper remittances than Bills, and there- fore the demands on the Bank daily in- creafed, and had the reftriclion not been laid on, they would have continued to increafe to fuch a degree, that, if the Bank had been mad enough to perfifr. in ifluing their Notes, and giving Guineas, for them when demanded, they would have long fince ceafed tQ exift ; their Ca- pital, had it been ten times more than it is, would have been completely f wal- lowed up and annihilated, in the mere expences attending the procuring thefe Guineas or fome Subftitutes for them. No man, who was poffefTed of Bank of Ireland Notes and had occafion to remit to England, would purchafe a Bill of Ex- change above par, He would go to the Bank and demand Gold, if they had not Gold, ( 37 ) Gold, they would have had to give him a draft on London for the amount at par, ?.nd to pay for the Gold or t,hat draft, they would have been obliged to buy up all the Bills of Exchange in the market, at any rate the holders might choofe to put on them ; and after all have to pro- vide in fome other way for the annual deficiency ; and thus, the weight of a ca- lamity, under which the whole country is faid to be groaning, would have been laid upon the moulders of the Bank alone. Suppofe the ^eftricl-iori was taken off" juft now, and the Bank obliged to give Guineas for their Notes, an immediate and compleat flop would be put to the circulation of thefe Notes; a Guinea is not only at prefent of much more value, but the prejudices of the people in its favour as a medium is fo great, that no man would keep a Bank note an hour, w if in Dublin he would immediately upon receiving ( 38 ) M receiving it walk to the Bank and de- « mand a Guinea for it, if in the Country « he would remit it to his correfpondent « to procure him Gold. 5 ' If the Bank dif- counted a Bill to day, and gave their own Notes for it, to-morrow, thofe Notes might be returned, and Guineas demanded, for which, at the prefent rate, they would have to pay ten per Cent, but the pro- bability is, that they would have to pay jnuch more, becaufe having not only to fupply the Remittances, but also the pre- fent deficiency in the ' circulation of the Country, they would have to purchafe Gui- neas, wherever they could be got, and at whatever price. The firft Fruits ■ of this fyftem would therefore be, an im- mediate and abfolute flop to the difcount- ing Bills, and what erTecl: that would have, the Merchants and Traders of Dublin are bell: able to fay. Suppofe the Bank attempted to con- tinue to iffue their notes, although they did not difcount, they would have at lead to pro- vide ( 39 ) vide every year Three Millions of Guineas to be fent out of the Country, which al- lowing they were to get them at the prefent rate, would alone coft them £300,000; but it is probable they would have to fup- ply all the Remittances, fuppofed Fifteen Millions, their lofs would then be a Mil- lion and a half yearly ; fo that Bankrupts cy, or an immediate flop to ifTuing, would be the only alternatives ; and mould the Bank give up hTuing and difcounting jufl now, what would be the confequences ? an almoft general Bankruptcy in the com- mercial world, a ftop to all Trade, and a total confufion in every department of Bufinefs. The Bank never give out Notes, except upon the fecurity of Bills of Exchange, or of Inland Bills, which they difcount^ but they do not always give out Notes when they difcount a Bill, if the Merchant, who prefentsthe Bill, holds an account with them, they give a receipt, to the credit of that account, for the amount of the Bill lefs the difcount. ( 4° ) difcount, and when he has to pay a Bill or a fum of money, he gives a check upon that account for the amount, which is often jufl transferred to the credit of the perfon who receives it, without Notes being paid at all ; and when a Merchant has a Bill due at the Bank, he very of- ten has no other mode of paying it, than by applying to the Bank, a few days before, to difcount him other Bills, and to place the nett proceeds to the credit of his account, upon which he gives a check for the amount of his bill, the day it is due. By thefe means, the Bank is enabled to difcount perhaps double the amount of the Notes hTued, giving thereby more accommodation to Commercial people ; but if the Bank was forced to give up bufinefs fuddenly, it would return with double vengeance upon their heads. The Bills difcounted are generally within two months of being due, fo that, in the fhort fpace of two months, the greatefl part, if not ( 4i ) hot the whole of them, would have to be paid, where would the acceptors get va- lue to give for them ? the Bank would take nothing but their own Notes, Bank of En- gland ones, or Guineas, their own Notes in circulation are fcattered over the face of the Country, and could not be collected within that time, nor could any quantity of Bank of England Notes, or Guineas be eafily procured* a temporary flop, if not Bankruptcy, would therefore be the con- sequence with mod Traders ; and the pri- vate Banks could give them no afliftance, as they would be in a little better Situa- tion themfelves, the circulation of their Notes ■depends upon their being ready at all times to give Bank of Ireland ones for them, when that refource failed, Guineas would be demanded; they would therefore be obliged to urge very ftritf: payment of all the Bills they held, thereby to get into their hands, as many Bank Notes and Guineas as poflible, and they would H withdraw ( 42 ) withdraw their Notes out of circulatioa as fail as they could. Thus, in a fhort time, all the Notes at prefent m circulation would be withdrawn, and the few Guineas remaining would get into the hands of the Bank, fo that the Country would be left without any circu- lating medium at all, a civilized Country, without any circulating medium, would be a phenomenon in the hiftory of the prefent .age, and without a fpeedy remedy, fuch a Country would loon revert to barbarifm and the people would be forced to have recourfe to the lavage habits of bartering or ex- changing one commodity for another.— Then would fuch Landlords, as have ob- jected to taking Bank Notes in payment of their Rents, be properly punifhed, by be- ing under the neceffity of receiving in their Head, fo many quarters of Wheat, Cats, or Barley j or fo many head of Cat- tle -, and the linen Dealer who ref jfed to take ( 43 ) take them for his Linen, would cat a pretty figure, when he had to provide for his dinner to be obliged to march to market, with a piece under his arm, to cut off fo many yards in return for the Beef or Mutton he bought. Thefe con- iequences are not forefeen, or thought of by the many who cry out. *< This is the " erfecl of the Redaction on the Bank, " let the Bank be obliged to give Gui- " neas for their Notes, and all will be " well." They do not confider, that, al- tho' an act of Parliament may oblige the Bank to give Guineas for fuch Notes as they have already in circulation, no a£t of Parliament, or no power can force them to put more in circulation, they are free and independent, and can give up ifiuing whenever they pleafe. Thus the Reftriction has been of the mod beneficial confequences, the ' Bank has thereby, not only been faved from II 2 deihuclion ( 44 ) deftru&ion, but has been enabled to ex- tend its bufinefs, and to increafe the amount of its Notes in circulation, fo as. to meet the increafing demand, in con- sequence of fo many Guineas having been withdrawn therefrom, and fent out of the Country, and had the Bank not filled up that void, the Country would have been in a very diftrefTed State. Yet the direc- tors of the Bank have been accufed, of taking undue advantage of the reftriction, to increafe the number of their Notes in circulation much more than they ought, and the Example of the Bank of Eng- land is quoted againfr. them, that Bank having, lince the reftridion, made com- paratively a very trifling addition to their Notes in circulation ; but the reafon of that is very obvious, the Balance of Trade with all the world continuing in favour of England, Guineas remain there, and frill for a confiderable part of the cir- culating medium, fo that there has been n® ( 45 ) no opening for Bank Notes, or void to be, tilled up by them; the direct contrary has happened in Ireland ; there Guineas have totally difappeared, leaving an open- ing for Bank Notes, and, that the Bank has not ifTued too many, will appear evident when it is ftated, that the private Banks, although they labour under the, difadvantage of being obliged to give Bank of Ireland Notes for their own r whenever demanded, have nearly double the quantity of Notes in circulaJon, that the Bank of Ireland has, and the void does not feem yet completely rilled up, although it has been repeatedly afferted that the Country is overftocked with both public and private Bank Notes ; were this really the cafe, then, like all arti- cles too abundant, they mould have be- come cheap, and the holders be anxious to part with them at a reduced price, in Exchange for Goods, confequently the man, who holds goods, could juil no.v always ( 46 ) always command a Sale for them, or rather could, when he pleafed, purchafe with them th.it reduced and deprefled article a Bank Note, fo reduced and de- preffed by the foolifhnefs of the Directors of the different Banks, who not only difcuunt a great deal too much, but alfo oblige their friends the Dublin Merch- ants at all times with what quantity they pleafe to afk for. Is it pomble, that there exifts a man of common fenfe or information, who ferioufly believes this to be the cafe ? If there does, let him fa- tisfy Jiimfelf by inquiring at the Tra- ders of Dublin, let him begin with the loweft Huckfter, and proceed up to the firft Merchant, the anfwer he will get will be as follows, " Trade never was " fo dull, nor payments fo bad ; we are «« overftocked with Goods, and can make " very few Sales, when we do fell, we " mult take Bills, which the Bank Directors i ( will not Difcount, and in our payments we can '( 47 ) * c can get very few Bank Notes, the only " plentiful article we meet with, is bafe *' Silver and Copper Coin, which are poured Kf upon us from all quarters." Another favourite Topic of declamation of late is> " the Depreciation of Bank of Ireland Notes," and this is attempted to be proved, by ftating, that a Bank of Ire- land Guinea Note will not purchafe *. Gold Guinea; neither, in this Country, will twenty one Britifh Shillings, and one n.ight as well attempt to prove it, by faying, that a Bank of Ireland Note will not purchafe a yard of Englifh Superfine Cloth, although in England a Guinea Note will; a Gold Guinea and a yard of Cloth being both equally articles of com- merce; the fact is, that circum fiances have raifed the value of Guineas in this Country, not deprefTed that of Bank Notes, and this will evidently appear from the following plain Statement, a Bank ( 48 ) Bank of Ireland Note will always purchafi in Goods- the exaB 'value it is ijued jor. Go into any Shop in Dublin, purchafe Goods to the value of Twelve Shillings Britifh, tender a Bank of Ireland Gui- nea Note, and there will be returned Nine Shillings Britifh * now, if the Irifli Bank Note was truly depreciated as al- ledged, the Seller would at once fay, u This Note although it bears to be for 4t Twenty one Shillings Britifh^ is really *' only worth nineteen. I can therefore only return you Seven.*' One writer attempts to prove the depreciation, by the example of an Exchequer Bill, which is rather an un- fortunate one for him, as were k pre- fented to the Seller of the Goods, if he took it at all, it Would not be at the value expreffed therein, but at the va- lue it would bring at the time ; and if he had a Balance to return; he would do it in Bank of Ireland Notes at the exa£t value they were ilfued for» It ( 49 ) It is' without a doubt therefore, that fca nk of Ireland Notes pafs currently, as an internal medium, at their full and com- plete "Value -, but they will not anfwer for a foreign Remittance, for that, recourfe muft ilill be had to the medium of Bills of Exchange or Guineas, and, if the de- mand is greater than the fupply, the price of that foreign medium will rife in propor- tion ; yet it would certainly be unfair to conclude, that, becaufe a given quantity of the internal medium of the Country, can- not purchafe the fame proportion of the foreign medium, that it formerly did, it is therefore depreciated *, it is only the fo- reign medium, that has rifen in value; as a convincing proof of this, fuppofe, that the Exports from Ireland mould increafe, fo as to throw the Balance in her favor, and confequently the rate of Exchange, mould a Gentleman then carry to London a parcel of Irifri Bank Notes, the Mer- chants there, who had money to remit to I Ireland, C $ ) Ireland, would eagerly pur chafe the% Notes, and would pay him the Exchange t er^on, that is to fay, for every Bank of Ireland Guinea Note, they would give him .a Bank of England one, and from one to two Shillings more, according to the rate of Exchange. But furely no perfon in his fenfes, would ever infer from this, that Bank of England Notes were depreciated in value. From what has been ftated, it will ap- pear evident, that, unlefs rheafures are ta- ken to reduce this heavy annual Balance, matters mult grow every year worfe, the difficulty of procuring Bills of Exchange become greater, and the rate of premium on them increafe. It now remains to point out what thefc meafures are. Before doing fo however, it is thought proper to take a Review of fueh remedies as have alrea- dy been flarted, in order to fhew the falfenefs of the principles upon which they are ( 5' ) are eftablifhed, and their total inefficacy for the end propofed. A favorite, and it is conceived an effec- tual* Remedy is, that the Bank of Irelai 4 Ihould be obliged to give Bank of England Notes for their own whenever demanded; but the propofers of this Scheme do not fay, where or how, the Bank are to get thefe Notes ; {he Bank of England will not fend them any, without being previ- vioufly paid for them, the only poffible payments would be by Bills of Exchange, fo that it would be nearly as eafy for the Bank of Ireland to procure Guineas, as Bank of England Notes, and therefore, forcing them to pay in one, would be as bad as making them pay in the other; what the confequences would be of making them pay in Guineas have already been mown. in one refpeft Bank of England Notes would be worfe, as they are eafier convey- ed, they would be more employed for Re- mittances than Guineas. 1 2 The ( 5* ) The next Scheme or Schemes, propofed were, to r corporate the Banks of England and Ireland together, fo as to allow the Notes of each Bank to pafs equally in both Kingdoms : or, to fupprefs Bank of Ireland Notes, and caufe Bank of England ones, to circulate in Ireland in their place ; or thirdly, to fwallow up the Bank of Ireland altogether, and to have only one great National Bank, to iflue a new Na- tional Paper paflable equally in both King- doms; this laft was thought a moft- un- exceptionable idea, and it certainly has at firft view a very ipecious appearance, but a little examination, upon the foregoing principles, will fhow them all hollow and without any real foundation. Allow, that Bank of England Notes were iiliied by thq Bank of Ireland, or that the two Banks were incorporate and a joint Note payable in both Kingdoms were irTued, is it not clear as Sunihine, that as long as Ireland had a heavy balance to remit to England, not only ( S3 ) only that Balance, but all the Remittances, wo^.ld be made in thefe Notes? as no man would pay exchange en a Bill, when he could get them to fend without any ; the confequence of this would be, that England would overflow with Bank Notes to a re- dundancy, whereas in Ireland there would be a conflant lcarcity, and want of a cir- culating medium, as the- Notes would be Iwept away as fad as iffued, and the trou- ble, expence and lofs of lupplying the de- iiciency in the Remittances from Ireland, would be laid upon the Bank of England without any benefit whatever accruing to them therefrom. It might with as much Juftice be propofed, that, as Ex-. change is fometimes very high at Jamaica, Barbadoes, Trinidad, &c. the Bank of En- gland fhould be obliged to fend out agents there, to circulate their Notes, and give them for the currency of the Country, by which means the Traders in thefe Iflands, would be able to remit home at par. The ' ( 54 ) The lafl: propofed Remedy, which will be taken notice of, is one ftated in a pam-» phlet lately put limed, and which the au-, thor afTerts, is radical, practicable, and free from any folid objection, it is, that Qovernment Jhould make their payments at the 'Tredfary-m Bank of England Notes. This boailed cure for the i\ls of the Country- might be refuted, by a repetition of the. fimple queflion. where or how is the Go-r vernment in this Country to procure thefe Notes? but as ttie Author has employed twenty pages, in what he either conceives- to be* or wifhes to pafs for, fair argu- ments in fupport of this Remedy, for fear of his doctrine gaining credit, it will be ne- ceffary to mew at more length, the fal» lacy of the meafure, and this will be done, not by following him through a Labyrinth of Sophifticalions, but by a plain flate- ment of what effects it would haye* i£- adopted. ( 55 ) It is net perfe&ly clear, whether he means that Government mould make all their payments in Bank of England Notes, or only to the amount of the fums bf ought from England -, let it be examined in ftm views, and to begin with the hit-, fuppofe Government have negotiated a Loan of One Million in London, and that they wifh to bring that fum to this Country, what fteps do they take? Their Broker is fent to Change, where he fells drafts, for what part is immediately wanted, at generally one per cent under the Exchange of the day, and if he has a large fum to fell, it has the effect of lowering the rate of Exchange I to 2 per cent, now, if inftead of drawing, Government mould give orders to have the amount remitted in Bank of England Notes, as recommended, and upon their arrival here pay them away to fuch as might have money to receive from the Treafury, with- out charging any premium thereon, what would ( 5« I would be the confequence ? The market Being deprived of fo large a fupply com- ing into it, the price of Bills on London would rife in proportion, the people, who received the Eank of England Notes, would carry them immediately to Change, and there difpofe of them at the price of the day, by which, poffibly the rate of Exchange might be lowered to nearly what it was before, thofe people would put in their pockets, the difference which Government fhould have had, and the grievance remain as it was* If it is meant that Government mould make all their payments in Bank of England Notes, then would it be much worfe ; Government raife in this Country feveral Millions, the whole of which is expend- ed in the Country, now, if this money is to be paid away in Bank of England Notes, Government mutt bring over thele t^btes, at fome expence, and a cohfider- aple rifk, and for that purpofe, muft re- mit ( 57 ) mit the amount to England, as it is not likely the Bank of England would choofe to give their Notes, without receiving Value for them ; and how is this Remit- tance to be made? They receive the payments here in Bank of Ireland Note*, thefe Notes will not pafs in Great Bri- tain, they mud therefore fend to change and buy Bills, fo that inftead of coming there as Sellers, they appear as Buyers, by which the rate of Exchange will be very considerably raifed, and will only be re- duced, when the Bank of England Notes they import, are brought into the market, but, as it is probable the whole would not be immediately brought forward, the rate might be kept up a conflderable time, and at la ft: could only fall to what it was before. Thus, taking it in either view, the Remedy propofed would only bring Government in for a very confiderable ex- pence and rifk, without the lead advan- K tage ( 53 ) tage to the Public, or relief from the grievance complained of. None of thefe Remedies can be effect- ual, becaufe, they are all founded on the erroneous doctrine, of the Reitnction being the caufe of the evil. If the foregoing principles and ftatements be true, then muit it be evident, that the wound lies much deeper, and can never be cured, or even fkinned over by any hafty par- tial meafure. The only true and effectual remedy is, to Increafe the Exports and decreafe the Imports of the Country, this is a felf evident proportion, the difficulty lies in finding out the proper modes of doing fo ; it would be prefumption in the writer hereof, to take upon him, to point out thefe exactly, all that he will venture to do is, to flate the outlines of what appear to him to be the principal, leaving ( 59 ) leaving it to men of greater abilities, and better information to judge of the propri- ety thereof. It has aVa 1 y been ftated, that the ex- pons of a Country depend upon its Agri- c lture and Manufactures aided by Com- merce, in order therefore to jncreafe the Exports of Ireland, thefe mud be afMed and encouraged. As the Exports - of Ireland depend much upon her Agriculture, which has fuffered very feverely, every poffible encourage- ment ought to be given to it. In this refpect the firft and great object, without which nothing effectual can ever be done, is the aboliflmtg of Tythcs. The griev- ance of Tythes is now feverely felt in England, and a good deal has of late been written there upon the fubject; it is conceived unnceeflary to detail at prefent the arguments made ufe of, but it may K2 be ( 60 ) be ftated, that, however heavy they are in England, in this Country they fall with double weight; in England a well difpofed man may pay Tythes with fome little fatisfaction, becaufe he generally pays them to a Perfon, by whom he expects to be taught the way to Salva- tion, and whom coniequently he is inclin- ed to reverence and love ; but in Ireland a very great proportion pay them to men, whofe Church they would not enter, and whofe doctrines they elleem herefy, and therefore they muft tax themfelves to pay Priefts of their own, confequently pay in a manner double Tythes. The vaft in- flux of wealth into England in confequence of her great Manufactures and extended Commerce, has. forced forward Agriculture in fpite of this heavy load; But were it not for its operations, thefe caufes would have long fince made that Country the Garden of Europe. In Ireland, Agricul- ture is yet a principle object, and im- provements ( 6i ) provements in it are of the firft confidera- tion, but no great or lading ones, can ever be made, until this fatal obftacle be removed ; It is therefore with pleafure remarked, that Parliament intend to take the fubject into their confideration ; let them abolifh tythes altogether, and impofe in their ftead a cer- tain fixed Tax upon all Lands, cultivated or uncultivated - y this would be an encourage- ment to Proprietors and Tenants to make improvements, as they would enjoy the be- nefit thereof themfelves, and be thereby the better enabled to pay the Tax. It is conceived, that in other refpects, any great improve- ments to be made on the Agriculture of Ireland will depend, in the firft inftance, upon the Proprietors of the Lands ; they alone can be of effectual fervice, and much is in their power; it would be very hard, to oblige every proprietor of Land in Ire- land, to refide constantly upon that Land, but furely there are few of them that could not find time, and have it in their power, to ( 62 ) to fpend a month or fix weeks once a -year upon their eftatcs ; when there, let them act as Stewards themfelves, receive their Rents in perfon, and take payment of them in Irioh Bank Notes, the preient medium of the Country, the demanding Guineas from their poor Tenants in pay- ment of their Rents is an act of oppref- iion, which deferves to be put down by an act of Parliament, and is faid to have been in many inflances enforced by the Stewards to their own emolument; when a Tenant prefented his rent in Bank Notes, he was told, that they could not be taken, if he faid he could not get Guineas, then the Steward told him, that he would fell him the neceflary quantity, this was done at a premium of 2S to 3s, the Guineas deliver- ed, and immediately received back for the Rent, the Landlord remitted by a Bill of Exchange at a much lefs premium, the difference put into the Stewards pocket, and the Guineas referved for the next occasion of ( 63 ) of the fame kind. By receiving his Rent himfelf, a Landlord has an opportunity of becoming acquainted perfonally with all his Tenants, unlefs he has fallen into the baneful practice of fetting his Lands to one or two men called Middle men, who fublett them, a practice which muft always be an infuperable obftacle to any improve- ment in Agriculture, and ought therefore to be completely abolifhed. By becoming per- fonally acquainted with his Tenants, a Land- lord has foon an opportunity of diftinguifh- ing the induflrious, active, and enterpri- fing, from the idle and profligate ; let him get quit of the latter as foon as poffible, and give every encouragement and fupport to the former ; this he can only effectu- ally do, by granting him a leafe ; and that a long one of the Lands he poileifes ; the mode of letting lands from year to year, has been as great a bar to improvements in Agriculture, as any that have been yet men- tioned. If the Landlord can afford to lay out money money, he ought by all means to build the Tenant a comfortable houfe with a good fet of Offices, and as far as pofli- ble inclofe his grounds - y without thefe efTential requifites, no Tenant will ever think of attempting improvements. Let the Landlord then encourage the Ten- ant to try new and fuperior modes of culture, and if he has it in his power let him fet an example. Thefe are a few of the obvious ways, by which Land- lords can be of efTential fervice to the im- provement of the Agriculture of the Country, many more might be pointed out, but all that is meant here is to draw their attention to the Subject. The prefent fituation of the Country imperi- oufly calls upon them, to ufe their exer- tions to remedy the evils hanging over her, their own interefts are therein deeply implicated, and it is therefore hoped that they may be roufed from the apathy, into which they have been funk for fome years ( 6 5 ) years paft, feveral have already fet the example, one Nobleman lately advertifed his intention to follow it, by ftating his his determination to refide upon his Ef- tate for fome months, to receive his Rents, and to be personally known to his Ten* antSj it is trufted, that he will not con- fine himfelf to thofe points, and that he will foon be imitated by many of the Noblemen and Gentlemen of the Coun- try. The Manufactures of Ireland alfo require to be encouraged, but it is not fo eafy to point out the particular modes in which that ought to be done; in fpite of heavy duties, and the difadvantages of the rate of Exchange, Englifh Manufactures of all kinds except linens, are imported into Ireland, and fold there of a better quality, and at a lower price than thofe of the Country; until therefore the Ma- nufacturers of Ireland ufe more exertion to h produce ( 66 ) produce better and cheaper articles, little can be done, and it confequently depends a good deal in the firft inftance upon ihemfelves. One difadvantage, that they labour under; ought however to be done away, it is, the ftrange prediction the People of this Country have taken to every thing Englifh, that an Article is Englifh is fufficient, it is of little confe- quence whether it is good or bad ; fomc years ago, it was the fafhion to wear nothing but Irifh Manufacture, now every body is clothed from top to toe in Eng- lifh 5 it is to be wifhed, for the fake of the Country, that the former fafhion again prevailed -, furely a true lover of his Coun- try, would put up with the inconveni- ence of wearing a Coat a little coarfer than ordinary, or a Hat a little brown, to enjoy the fatisfa&ion of encouraging her Manufactures ', and it ought to be eonfidered, that this would be a great means of improvement, as an encreafed de- mand ( 67 ) mand would encourage new Manufact- urers to fet up, and they would en- deavour to acquire cuftom by producing better articles. It is conceived, that the Linen Manufacture has been a good deal hurt by the injudicious, but well meant, attempt, which has been made in Ulfter, to retain Guineas amongft them, and to continue them the circulating medium of the Country ; upon the principles already explained, it may be ftated as indisputa- ble, That in a Country, againfl which the Balance of Remittances is heavily and con- Jlantly without fluctuation x Guineas or any Article which will bring an equal value in other Countries, can never be employed as an internal medium, and the reafon is obvi- ous, becaufe they will always be carried off to fupply the deficiency of Remittan- ces ; and therefore, in the prefent State of Iceland, this attempt muft be in vain, and if perfifted in, will only bring in- L 2 convenience . ( 68 ) convenience and diftrefs upon that part of the Country. This attempt has alfo had another bad effect, it has tended to raife the Rate of Exchange at Dublin, or at leaf!: to keep it up; Belfaft, being the port from whence a great proportion of the Linen, Beef and Butter are ex- ported, is almoft the only one where the Exports exceed the Imports, confequently there, Bills of Exchange are fo plentiful, as actually to be fold, for Guineas, at 2 and 3 per Cent under par, Exchange being generally in that place 5 and 5- per Cent in/lead of 84, now were the redundancy of thefe Bills fent to Dublin to be paffed, they would help to lower the Exchange there, and that at Belfaft would rife to par: But this, the Belfail Merchant will not do, becaufe at Dublin he would be paid in Bank Notes; pre- ferring to lofe 2 or 3 per Cent on every Bill he draws, rather than to give up the ( 69 ) the endeavour to retain Guineas as the circulating medium. As the Agriculture and Manufactures of a Country increafe and flourifh, fo in ge- neral will its Commerce, it depending principally upon the others ; and as it is thought to fucceed beft when left mod to itfelf, it is not meant at prefent to point out any modes of improving it, that is left to the activity and enterprize of thofe concerned therein. One only ob- ject will be ftated for the attention of Government, and that is the heavy and daily increafing fees and charges made not only at the Cuftom-Houfe of Dub- lin, but it is believed in that of all the Sea Ports of the Kingdom, in Dublin they now fall fo heavy upon fmall VefTels as almoft totally to pur a ft p to their uie, a Veffel of 40 or 50 Tons, pays from 81. to 9I. that is at k:>ft a fourth, and in many inftances a third vf her ( 7° ) ner whole freight ; this has hurt the coafting trade very much ana 1 even diminimed a good deal that betwixt Ireland and Scot- land, fo deferves to be taken into mofl ferious confederation, It has been mown that, in the prefenfc fituation of Ireland, paper money only can be the circulating medium; it is there- fore earneflly recommended to the people in all parts of the Country, to give up. the idea. of retaining Guineas as a medium and to fubltitute Bank Notes ; until this is univerfally adopted, no. great improve- ments will or. can be made, every thing will remain cramped and fettered. As the Bank of Ireland Notes in circulation, will not nearly fupply the demand ; Provincial Banks ought to be eftabliihed in every Mercantile City j by the charter of the Bank of Ireland, it feems there can be no other, Bank eftablifhed to confifi: of more than fix Perfons, furely there are few Towns ( 7« ) In the Kingdom of any commercial note, where four, five, or fix perfons are not to be found of fufficient Capital to give credit and refpectability to a Bank, fo as to en- fure a ready circulation to their Notesj with fafety to the Country ; thefe Banks muft not only, be always prepared to give Bank of Ireland Notes for their own, whenever required, but they mould alio eitablifh Agents in Dublin to do the fame, being the only effectual mode to give their Notes a general circulation through the Country; and thus the Bank of Ireland will always operate as a check upon them, to prevent their ifTuing too much, or otherwife acting improperly; this will put a good deal into the power of the Directors of that Bank, and it will behove them, to be very cautious how they ufe it, the fal- vation or ruin of the Country will depend in a great meafure upon their conduct, and their own proiperity refts upon that of the Country 3 it is therefore to be hoped and ( 7* ) and trufted, that they will always conduct themfelves with the dignified and liberal policy becoming people in their fituation, and that they will never facrifice the true interefts of the Country, to any tempora- ry, paltry advantages the Bank might ac- quire. That Country Banks, upon a proper foun- dation, are ftrongly conducive to the pros- perity of a Country, has already been fhown in the cafe of Scotland, where the whole internal circulation, is carried on by their means ; in fpite of many natural dis- advantages, the Agriculture, Manufactures, and Commerce of that Country, now flou- rifh fo much, as to throw the Balance of Trade confiderably in her favor, confequently Bills on London are always to be got there in plenty, and they would be more fo, were it not, that whenever they appear Super- abundant, they are picked up by the Bank- ers and rich Merchants, and fent to London, to ( 73 ) to purchafe into the Funds, where many of thefe Gentlemen have considerable Sums inverted; and there, a Guinea is actually of lefs value in common circula- tion, than a Bank Note, it is always^ taken with diftruft, and never without being weighed. Thefe circumftances mew at once that there can be no comparifon made betwixt Ireland and Scotland ; in fact Ireland is juft now in fome refpects little farther advanced than Scotland was in 1706, but her Refources are infinitely greater, and it will be the fault of the People themfelves, if her progrefs to im- provement be not much more rapid. The prefent mode of negotiating Bills in Dublin, tends to keep the rate upon them high, by giving monied people an opportunity of fpeculating and jobbing therein, and ought, therefore if pofiible, to be remedied; it is well known, that feveral Capitalifts make a trade of if, they M watch ( 74 ) Watch the falling of the rate, in confe- quence of any favourable circumftances^ pick up all the Bills they can get, remit them to their Cofrefpondents in London, and whenever the market is bare and a 'demand comes, they offer to draw at an exorbitant rate, and as they can draw for any fum, thefe Merchants, who have pre- cife fums to remit, find it fometimes a convenience to take their drafts from them, even although they pay a little more. Thefe people particularly watch Government drawing in order to get hold of all the drafts they can, and as foon as Go- vernment flops, they raife the rate 2 to 3 per Cent -, for fome weeks paft Government have been drawing at 14-J; per Cent, they ftopt laft week, and immediately the rate Was raifed to i6i-. In order to amend this, the doors of the Houfe of Exchange fhould be clofed, it is only in a Capital, where Bills upon various parts of the world are negotiated, that an Exchange is ( 75 ) is necerTary, here, no Bills pafs bat upon London or Scotland, and thefe ought to be all negotiated, either by the Bank of Ireland, and the private Banks, or by a company Eftablifhed for the purpofe; one only difficulty occurs to prevent the Banks undertaking it ; in the prefent ftate of the Country, it would be fubjecting them to fupply all the deficiency in Remittances ; ibculd this be thought infurmountable, then, let a Public Company be eftablifn- ed for the fole purpofe ; let this Company declare on the firifc day of every month a rate of- Exchange at which they will purchafe all good Bills of Exchange preferr- ed to them, and pay for them in lriih Ban k Notes ; and let them be bound to give drafts for any fum, and whenever requi- red at f or A per Cent more, than they purchafe, the difference being to pay for their Expences and Profit ; the great conveniences of this mode over the pre- fent muft be very apparent, whoever M 2 held ( 76 ) held a Bill of Exchange would know at once where to fell it, and what he would get for it, and the Merchant, who had to remit, would never lofe any time in feeking Bills, he would have only to fend the money, to get a Bill for whatever Sum he wanted without any delay. Another Remedy only will be menti- oned, but one without which, all that has been ftated here, or could be fuggefled, will be of no avail ; It is, that every exertion fhould be ufed to inftil into the minds of the- Lower Orders, Indujlry> "Sober Amplication a?id Economy, without thefe, the Noblemen, Gentlemen, Manu- facturers and Merchants may ftrain every nerve to do their duty, but they will Only threw away their time and money; with thefe, miracles may be performed. lUefTed with a genial Clime, and a fer- tile Soil, and furrounded with a Sea. teeming with Riches, and forming fine Harbours ( 77 ) Harbours and Outlets in every corner 5 Ireland might be made the Granary of Great Britain, and the fineft Country in Europe ; her Inhabitants are active, bold and enterprifing, but their Talents arc more bright than folid, and that turn of character, that non-c balance, which it was lately faid, tended to make them fuch, excellent Soldiers, equally tends to inca- pacitate them for the Sober Labours of Induftry ; the Man, who thinks only of enjoying to day, will never labour hard to provide for to-morrow, far lefs, look forward fo far, as to fecure any thing againft Sicknefs and Old Age. This, and other faults imputed to them, can only be cured by Education, and there- fore a further extenfion of Parochial Schools, and other Seminaries of Learning are recommended as one of the firft ob- jects to be attended to. Thus, ( 78 » Thus, have been ftated, the Caufes that have operated upon the Exports of Ireland, fo as to throw the Balance of Trade considerably againft her, and con- fequently 10 raife the Rate of Exchanges and the outlines of what appear to be the only true Remedies therefore. If thefe are found juft and correct, it is hoped that Men of greater abilities an4 more exenfive Information, may be indu- ced to follow out the ideas, with tha£ care and attention, the importance of the Subject is intitled to* FINIS.