Page images

English System of Finance.

549 so much danger from the funded debt, as good faith of the nation, pledged in the from the immense quantity of Bank- most folemn manner, for the due paynotes, which he asserts, have been manu ment of the interest, but not for the payfactured and introduced into circulation ment of the principal, which they can for the use of government. These lie has only obtain by felling their stock'in the multiplied to the sum of fixty millions, markets as other proprietors do. Admitfor which he has produ:ed certain data, ting for a moment, that the loss on that which do not prove, to my mind, that sale was very confiderable, still it would there is a sixth part of that suin in cir not affect the creditors of the bank, or culation. But, whatever that sum may the holders of their notes, until it had be, it is certain, that it is no more than swallowed the whole capital which the the exchange of property admits to be proprietors of bank stock have advanced made in paper of some denoininarion, to carry on their business as joint traders, otherwise it would flow into the Bank, amounting to about twelve millions, a and be exchanged for cash. I agree with sum not inuch inferior to the whole him, that if all the bolders of bank-notes money which they have advanced to were to cail for meir monty in one day, government. they could not cbtain it; but this is no The national debt I consider to be a more a proof of the infolvency of the claim, which the holders of stock have bank, than a merchant not being able to upon the whole property of the nation, pay all his acceptances in one day, is a for the interest of the money which has proof that he cannot pay them all in been advanced to its government, and for proper time, and have a large fortune which intereft, all the produce of the left; this would be a stoppage, indeed, permanent taxes are pledged to them in which might impeach his credii, and pro. preference to any other services. If duce examination, but there might or they prove efficient, the amount will be there mighi por be insolvency.

upwards of seventeen millions, besides To support the idea of there being the produce of the land and malt taxes sixty millions of banks notes in circulation, voted annually, which will make the he asserts, that England requires eighty whole about twenty millions fterling. millions of cach or paper moncy to trans The demands upon this sum confitt, act her business; that there is but twenty first, of the interest of the national debt ; millions in gold and silver, therefore, the and secondly, of the expence of the peace remaining medium must be in bank eitablishment. Admitting the war to be notes, but there he chooses to forget the brought to a termination at the end of large amount of merchant's draughts, in this campaign, the amount of the debt which almost all the commerce of the cannot be much less than four hundred nation is carried on, the amount of millions, when all the expences are which, in constant circulation, I appre- funded; the interest at three per cent. hend, far exceeds the amount both of would be twelve millions per ann.; but the gold and hilver, and the bank notes. as part of the debt bears four, and part

The property of the bank consists in five per cent. the whole interest must a quantity of the precious metals coined amount to twelve millions and a half: it and uncoined, of securities from indi. would be useless to be


exact in numviduals for bills discounted, and of le- bers, when they are changing every day. curicies from government. The quan- The amount of the peace establishment tity of the precious metals in their is still to be added; and, I fear, it cannot poffefsion is not known to the public; be estimated at less than seven millions whatever its amount may be, it is a part and a half, which would inake the annual of capital entirely unproductive, and pro- outgoing equal to the income, without bably does not amount to a great many leaving any thing to be applied to the millions.-The securities from individuals reduction of the debt during a peace; amount to a very large sum at present, a subject often much dwelt' upon in although the assistance formerly given theory, but never much proved by by the bank to commerce is very much practice--the liquidation of the debt in contracted ; but the principal part of the the last ten years' peace, not having property of the bank must consist of their equalled even a moiety of this year's ex. Itock in the funds, and other government pences of ihe war. securities, for which they receive an The amount of the


establishment, interest, and for which they have the however, will always depend very much same security, that all the other creditors upon the talents and integrity, or the of government possess, no more, viz. the extravagance and dishonesty, of those who



have the direction of it, and a virtuous which is added to the productive capital administration will be able to apply a employed in commerce, until pretty large sum annually to the reduction breaks out; when it is withdrawn from of the debt.

commerce to be supplied to the expences Writers on political economy, some of war, from whence it returns no more. years ago, have estimated the property The remaining income of one hundred of the nation at one thoutand millions ; millions, I consider to be expended anin the last sessions of parliament, the nually, for the support of individuals, Chancellor of the Exchequer valued the out of which expenditure, there is collanded property as high as seven hun lected, by taxes on consump:ion (with dred millions, and the personal property the addition of the land-tax) twenty milas high as fix hundred millions, making lions, or exactly four thillings in the together, a capital of thirteen, hundred pound, which, ihough a heavy burthen millions. It cannot be supposed, that he on all classes of people, is far from would state the lowest estimate ; but ad. making the prospect fo ruinous as Mr. mitting that the former ones of one thou. Paine would wish to establish. fand millions were not over-rated, the in Although my sentiments differ so much crease of manufactures and commerce, as from those of the author of the “ Dewell as the rise in the rent of land, have cline, &c.” yet no man can condemn the been so great, during the last peace, that war more tha I do. It appears from the present capital of the nation cannot the correspondence of Lord Grenville be less than twelve hundred millions, with the French minister, in the beginupon which there is charged a debt of ning of the year 1993, that it might have about four hundred millions.

been avoided with honour, and therefore The income arising from this capital should have been avoided. At the end of of twelve hundred millions, may be every campaign, the object of it appears eftimated at about five per cent; the land more difficult to attain, and the situation produces something less, and the per- of the allies more disastrous, though we fonality, on the whole, something more ; have suffered the leaft; therefore, the taking them together at that rate, the in- sooner it is ended, the better it will be come would amount to fixty millions, ended. arising from capital.

Its consequences respecting ourselves There is also a large income to be ad- are shortly these :--While it continues, the ded, which does not arise out of capital; productive capiial of the nation will such as annuitants under government, every year be diminished at the rate of placemen, pensioners, &c. the army and twenty millions, and the debt encreased navy; in short, all those who receive

as muck; to pay the interest of the the twenty millions of taxes annually additional debt, new taxes must be added amongst them, and expend it in the king- to the prefent ones, to the amount of one dom. There are, besides thefe, the pro- million per annum ; while our ability to feffions of the church, law, and physic, pay them is diminishing, by twenty milas well as all the labourers, manufac- lions per annum being withdrawn from turers, and artizans, every one of whom, the productive employment of commerce, according to the income they expend, to the destructive game of war, at which must pay the taxes on consumption, and all that we can win is a barren tract, in thereby contribute, according to their an unhealthy climare, which may serve abilities, towards the support of the state. 'for a Gazette Extraordinary, and for a

Perhaps, it would not be too high a burying place, to filence the complaints calculation of all the income of these of our brave defenders. claffes, if it were estimated at tixry mil Liverpool, July 28.

T. F. lions, considering the produce of the taxes fupply one-third of that fum ; but taking it at fifty millions, it makes one

To the Editor of the Monthly Magazine. hundred and ten millions of income, added to the fixty. millions arising PERMIT me, fir, to present you with from capital. If a conjecture may be als an abridged translation of a most in. lowed, where my limits will not admit teresting and valuable History of Astroof proofs, I should say, that out of that nomy for the year 1794, drawn up in fum there is saved, by the

1795, by an able and learned man, whose mulation of individuals, during every reputation is not confined to his native year of peace, at least ten millions, country,






1796.) Lalande's History of Astronomy, 1794.

551 Although I have endeavoured to tranf- been induced to this from the facility of late LALAND's entertaining narrative the operation, in consequence of the dis. with care and fidelity, I yet dcem it covery of a mode for fimplifying it ; and proper to accompany Come terms of art in the course of the last observation, afwith the originat French. I have also ter 40 years' practice, I was enabled to found it neceffary to abridge the paper avoid no less than six diftin&t operations ; which contains thirty-four and a half svo in short, I have reduced the labour in pages in the original, in order to procure such a manner, as to be able to calculate it admiffion into ycur entertaining and the conjunction in an hour and a half. inftru&tive Miscellany; but I have in Citizen Delambre, in a Memoir on the no caie omitted any thing that appeared equation of time, has proved, that Lato me to be of importance. You will, caille, Maskelyne, and myself, or rather doubtless, be aware that nothing of inis that all the astronomers along with us, kind has yet appeared in the English have been led into an error, respecting language. Your very humble fervant, the admission of the second part of the London, July 2, 1796.

Viator. nutaiion in the calcularion of the equa

tion of time, and in (redu funt à l'Equateur) HITORY ASTRONOMY FOR 1794,

confining to the equator the small equaBY JEROME LALANDE,

tions of the sun. ( Aftronomie, art. 971.)

But fomething very remarkable and The citizen Messier did not discove

important has occurred in the course of any new

cumets during the preceding 1794, which, perhaps, was never known year; but although no remarkable pbi- before ; this is no less than' ten eclipses nomena of this kind have occurred, there of the stars of the first magnitude, Al. are a great number of observations and debaran and Regulus; all of which were useful Tabours worthy of mention; and visible at Paris within the space of about we have experienced loíses which must thirreen months ; several of them have necessarily excite the regret of those who been observed with great accuracy; and are interested in the progress of aftro. among others, that of the 18th Frimaire nomy.

(November 8th) by citizen Messier. Some I am often asked the following ques. of these eclipses have been also noticed tion : Are we to have any eclipses this at Marseilles, by citizen Tulis; at Tou. year! People in general are ignorant louse, by citizen Darquiér ; at Montau. that lunar eclipses are of very little im- ban, by citizen Duc la Chapelle; I have portance to astronomy, on account of the calculated them all, and they will afford Imail degree of precision of wbich our ample means of comparison for the betobservations are susceptible, and that the ter verification of the longitudes of the eclipses of the fun are less important, places where they have been observed ; and less exact, than those of the princi- they will also tend to make us more in

timately acquainted with the figure of There has only been one eclipse of the the earth, as M. Cagnoli has expressly sun, and that of little consequence, in the demonstrated in the Journal des Savans course of the last twelve months; but for 1792. there have been several eclipses of the A more difficult and important achievstars. The eclipse of the sun occurred

ment in astronomy still remained to be on the 12th Pluvoise (311 January); attempted; this was an exact review of we did not see it at Paris, but it was ob- all the starry heaven, and the determinaserved at Toulouse, by citizen Darquier, tion, which I had first undertaken, in and at Montauban, by citizen Duc la 1789, with my nephew, citizen LefranChapelle. I have discovered that the çois, of the positions of 30,000 stars. true time of the conjunction calculated This has been continued the whole of for Paris, was 11° 30' 25". Ever since this year with equal zeal : we have al1952, it has been my constant habit ready ascertained more than 29,000, and to calculate eclipfes as soon as they oc the able practitioner who affiíts me, has curred, which was not customary before displayed a degree of address and premy time, on account of the

extreme cision of which I scarcely know any ex. length of the process. During nearly a ample. His wife, the female citizen Lewhole century we had the calculations françois, seconds the zeal of her husband, of two eclipes only inserted in the Me. by means both of her observations and moirs of the academy (in the volumes calculations; two or three hundred are published in 1744 and 1755). I have often the produce of one single, cold, and


pai stars.


laborious evening's toil. Mankind will eight-feet telescopes (d'une Lunette merebe interested in learning, that, amidst dienne de 8 pieds, de Ramsden) has at sevethe convulfions that agitate Europe, im- ral different times, re-examined the right menfe labours are executed during the ascersions of 2800 stars of Flamsteed's flence of the night, which will furnith British catalogue, and he himself is the means of preparing for future astro- about to publish a more correct caralogue, nomers, a monument calculated to resist with new tables of the aberrations and the greatest revolutions. The dangers nutations, which are now prințing, at with which we were surrounded, during the expence of (Milord) the Duke of nine months, did not interrupt our ex Marlborough. This work will be exertions; even then I consoled myself ceedingly important to astronomers. with my stars, and was tempted to ex The opposition of Mars, on the 5th caim, with Horace :

Floreal 124h April), presented a Exegi monuinentum are perennius."

markable spectacle' to the public, and

we discovered, with great satisfaction, The first part of these observations that the errors in the table of this star has been inserted in the Memoirs of the

were very trilling late Academy of Sciences for 1789 and On the evening of the 26th Pluvoise 1790, which are, at present, printed, (24th February) a total eclipse of the and will probably be very soon published. noon occurred, and those who contract We are already certain that the real po. to light the lamps in Paris, having forfition of 130 stars are different from those gorten to consult the almanac, the city assigned to thein ; and we bave 1500 of was left in total darkness. The same the fifth or fixth class which have never thing happened on the 18th of March, been ascertained before. Flamsteed, in

1793, and great confusion ensued, on his catalogue of 2300 stars, has only the breaking up of the various places of 1700 of the sixth class and those below public amulement. it. This demonstrates the importance The impression of the Grand Collection of an exact survey of the whole heavens, of observations, during the 17th century, without which we shall never have any drawn up by citizen Pingré, is still going well-grounded expectation of making a forward. Notwithstanding he is now confiderable progress in astronomy. 83 years of age, he perseveres with his

The declination of eight principal accustomed zeai, in urs to useful to fars, determined with great care, by the interests of aftronomy. I hoped to means of excellent instruments, has been have been able to announce the publifent me from England; and I have been cation of the great work, by citizen Lapleased to find that our calculations have place, on the Celestial Attractions ; we al! corresponded exactly in some cases, and know, it is to this abie geometrician we that in others the difference has only are indebted for the latest and most bril, amounted to one or two seconds. I have liant discoveries of this kind the cause added to these, the right ascension of 139 of the accelerations of Jupiter and the northern stars, selected from the 8000 moon. which we have from the pole to 45', and The printers are fill buried on Lawhich will furnish the means of com perouse's Voyage round the World; and paring the others.

the plates which are to accompany,

it At the National Ciservatory, the ci are now working off. We have just tizens Nouet and Perny continue to de- heard of the death of cap:ain d'Entretermine the declinations of the principal cafteaux, who went partly in search of stars ; they have already finished 47, each him, and partly to complete his enterof which has been viewed several times prize, by circumnavigating New Holwith a circle that multiplies the observa- land. This design has not been comcions, 1o as to be precise :o a single second, pletely executed, but much knou ledge, according to the method of Mayer, pår, and that too highly important to geosected by citizen Borda ; a description graphy, has been acquired. of this instrument may be found in the Citizen Delambre, one of the best work, intitled, Exposé des. Opérations astronomers now living, is employed in faites en France, pour la Fonction des ob- adapting citizen Laplace's method of jervaloires de Paris & de Greenwich, par M. calculation to all the planets, which has M. Casini, Mechain, & Legendre, 1791. already succeeded so admirably in respect

M. Zach, astronomer at Gotha, in to Jupiter and Saturn. He is also en. Saxony, who is in possession of a charm. truited with a new admeasurement of the ing obscryatory, and one of Ramsden's circumference of the globe, and the dir

Lalande's History of Astronomy, 1794,

553 covery of a certain standard for French especially of citizen Lakanal, who has measurements. He is in poffetfion of all proved himself the friend of astronomers. the new inftruments, which were exe He had before merired the efteem of the cuted under the inspection of Borda, La. learned, by the benefits he conferred on voisier, and Lenoir, in the course of last the late academy of sciences, which he supe year, with a degree of genius and pre- ported and defended, and which he will, cifion which will surpass those formerly perhaps, have the satisfaction of restoring, contructed in England, when Ramsder, so as to add to the glory of France, and the optician, and General Roy, wilhed to the happiness of mankind. ' lease France behind in this species of at The office of consultation, charged tainment.

with the task of diftributing a hundred The citizen Darquier, who has fiited up thousand crowns, by way of recompence an observatory at Toulouse, and already to artists, has distinguished the citizens publ thed cwo volumes of. Remarks, con Carochez, Fortin, Lenoir Hautpois; the tinues hie labours with unremitting zeal. citizens Grateloup, and Putuis who have This able astronomer is so ftuated made improvements in the achromatic be able to contemplate the stars at those telescopes, have also been rewarded for times when we are prevented, by bad their labours. weather, both at London and Paris, from The Lyceum of Arts, although unhaving even a glimpse of them.

provided with pecuniary resources, has The observatory built at Toulouse by contributed to the general emulation, Garipuy, has been entrusted to the care by conferring crowns and inedals on of citizen Vidal, who is a man of calents. learned men and distinguished artists, in

Citizen Duc-la-Chapelle, who has the presence of crowded and brilliant allemcaused an Onfervatory to be erected at blies; among those noticed by it are, Montauban, a place enjoying a terene Carochez, Fortin, Lenoir, and the few ky, which enables him to oblerve Mer- male citizen Le François, who has cala cury at the meridian, when he is not culared 300 pages of the horary tables for ville to us at Paris, continues to trans, the marine. mic interefting observations to me. His The citizen Callon, a deputy to the zeil an: atsiduity, added to the use he Convention, has formed a Complete Namakes of his fortune, at an age when tional Museum of Geography, under other young men think only of their the auspices of the Republic, and empleafures, are exceedingly edifying. The ployed the citizens Mechain, Laplace, chizens S. Jacques and Thulis, directors Delambre, Gollelin, Rosilly, &i. of the Naval Observatory at Marieilles, Superintend it. Btfides a continuation of base also communicated their remarks; the labours about the meridian, he has they have observed several eclipses of taken the necessary measures to procure the stars, which we could not discover a variety of knowledge relpecting Asia, here.

and to perfect Gergraphy in all its The tables of logarithms, of which branches; a circumitance far from being Imbert and Callet gave an 8vo edition, unconnected with astronomy. This trea. in 1783, being now scarce, Firmin Di. sure is to be enriched with the charming doi, a diftinguished printer, allisted by collection of ancient and modern charts, Callet, professor of mathematics, is pub- both French and foreign, left by Dana

a new edition, at the expence of ville, which is at present deposited at the the Republic. As a sufficient quantity late office for foreign affairs at Versalles. of type has been procured from the Na- Citizen Teffier, in whose custody it is, tional foundry, all the forms have been is employed in drawing up a catalogue, preferved, and they are carefully foldered and he has already enumerated 7000 undertieath, to prevent accidents, while articles.

Citizen Perney, pro tempore, director of The committee of public instruction the obfervatory of the Republic, has belonging to the National Convention, published a report, delivered interefts itself grearly in the progress of Lyceum, respecting the universal inftru. astronomy, and the organization of the ment of citizen Hautpois, which has obfervatories of the Republic. Those of been purchased. for 10,000 livres, for Marseilles, Toulouse, Montauban, Mont. the Observatory. pellier, Bourdeaux, Brest, Strasburg, Our communications with foreign Lyons, and that which I have cauled countries have been suspended by the to be built at Bourg-en-Bresse, will war; but by means of the neutral fares, be rendered highly, useful, through and more especially by the zeal of M. the attention of this committee, and Zach, I have been enabled to procure MONTHLY MAG. No. VII.

4 В



in the press.

at the

« PreviousContinue »