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And meets me alone by the far forest roam
ing, To watch the first notes of the nightin
(From the German of Klopstock.) gale's song.
THE Spring, Aëdi, returns in light. 2
The air is clear, the heaven blue, the bow'r When the moon from her fleecy cloud scat
is fragrant. ters Over ocean her silvery light,
Light and soft breathe the gales of the west: And the whisper of woodlands and waters
The hour of the song, Aëdi, returns. Comes soft through the silence of night, “ I cannot sing :-my ears are deaf I love by the haunted tower lonely to linger, With the grasshopper's ceaseless chirpA-dreaming to Fancy's wild witchery But here let me swing on the bending spray, given,
And gaze on my form in the crystal food And hear, lightly swept by unseen fairy finger, below.” The harp of the winds with the music of Heaven.
Not sing and thinkst thou thy mother's 3
heart Yet, oh! there is something awanting,
Can feel no anger ? Which Solitude ne'er can supply !*
Thou must learn while we joy in the light For friendship my bosom is panting
of the Spring; For looks that to mine might reply:
For thousand are the spells of our art, I sigh for the friend fired with kindred de. And the days of brightness are few.
votion, To worship wild Nature by mountain and Away from the bending, swinging bough!-
And hear what erst of the spells of our art, grove
The Queen of Nightingales, Orphea, sung: I sigh for Eliza !with dearer emotionTo lighten the home that is hallowed by But hear, and repeat the strain
I tremble to pour the wondrous strainlove!
Thus sung Orphea :
the winds ! (From the German. Anonymous.)
Breathe gently, till the sweet-falling tones
are heard no more! Der winter hat mit kalter hand, &c
Hurried and loud let them rush through the 1.
waving grove ! 'Tis done :-by Winter's icy hand
Breathe soft and low, till the sweet tones die Each summer weed is torn ; The sweets are fled the wasted land,
away, The groves their tresses mourn;
'Mid the opening buds of the rose.' And all the painted blooms that blow “ Ah! I repeat not the strain ! How can I ? Are wrapt in winding-sheet of snow. Be not angry, mother! I repeat not that 2.
strain. Yet, lovely. Howerets ! hope not ye
But sung she no more, From me a dirge of doom, t.
The queen of the daughters of Song ? While still in one dear face I see
Sung she not of that which makes the cheek Your every beauty bloom,
grow pale, While still yon eye the Violet shows Which makes the cheek burn, and the fastYon cheek the white and damask Rose!
falling tears stream in silence ?” 3.
More, more she sung-
Ah ! that thou hast asked me this,
How do I rejoice, Aëdi !
Now will I seek thee the trees of tenderest And Madel's breath the breeze outvies
boughs, 'Mid hyacinthine groves that sighs !
And bend for thee the quivering spray, 4.
That nearer thou mayst gaze on thy form And while her lips' expanding glow
in the flood. Mine ardent pressure meets,
This, too, she sung-
- The Youth he stood, and wove the wreath, What can I ask, O May, of thee? My Madel's more than Spring to me. J. F.
As he wept it sunk from his hand :
The Maiden stood, and would not weep, ** La Solitude est certainement une belle
And gaz'd with tearless eyes on the youth: chose ; mais il y a plaisir d'avoir quelqu'. Then wak’d the Nightingale that higher song, un qui sache répondre à qui on puisse Which the deep spirit trembles to hear-dire de tems en tems que la Solitude est une Then fled the maid to the
arms of the youthbelle chose.”
LA BRUYERE. Then flew the youth to the maiden's arms--+ Ein sterbelied.
They wept in love's delight ! A. B VOL. I.
REVIEW OF NEW PUBLICATIONS,
The Speech of Pascoe Grenfell, Esq. in complexion or consequences of their the House of Commons, on Tuesday,
From occupation of the 13th of February 1816, on cer
mind, from a commendable contempt
of small difficulties, and from that tain transactions subsisting betwixt the Public and the Bank of England. human nature, it is clear that, in
inevitable trust of self which pervades With an Appendix. London, Mur
giving their minds to the rapid suceesray, 8vo. 1816.
sion of affairs in a great nation like OF late years the Parliament of Bri- this, ministers must be far advanced tain has signalized itself by collecting in some ineasure resulting from a preand disseminating information on se- ceding one, before even the first outveral important points of national ward results of that of which it is a economy. We imagine it would be consequence can be made apparent. hard for the most determined reformer This is almost always true with ree to shew how, by mere extension of spect to great projects of state. It is the elective franchise, or any enlarged just one of those fatalities in human constitution of the legislative body, affairs, which, by demanding an union an House of Commons could be found of requisites the most opposite, opemore worthy in this respect, of the rate as a constant check to any propublic confidence. At a time when gress which tends beyond a certain party violence has graduated through point. It requires at once the longest various heights, until at last it seems reach of generalization, and the most to have reached its acme, it is well to untired capacity for particulars. There resort to any thing which can excite, is nothing for all this but a phalanx in on fair grounds, a favourable view of our legislative assembly, composed eithe intelligence and integrity of the ther of men who have known, or may assembly which makes laws for us. wish to share, the duties of office themOn its reputation for wisdom or folly, selves, and are not only disposed, but the intellectual character, as well as the able, to criticise acutely the proceedpolitical spirit of the nation, must in ings of its holders for the time being, some degree depend. So long as it -or of those who, without any turn contains men with the literature and for office, or experience of its duties, habits of gentlemen, what is agreed on have yet sagacity and penetration to within its walls must have a strong see when the public interests are atsympathy with what is best in the pub tended to, and when they may be nelic: and until the whole of that public, glected, and with this, firmness to or at least that part of it whose leisure pursue their investigations, and good and education fits it for making a ready sense and management enough to make and decisive opinion on public acts and them understood and appreciated. It relations, shall become all at once, and is creditable to any country to possess permanently, wiser or better, it is evi- such men; and we are of opinion, that dent that what could be done by a it is from their influence that our reformed House of Commons must de House of Commons has derived to its pend more on the spirit, intelligence, proceedings a character of directness and personal independence, of the un and sincerity which appears so greatly ministerial part of its members, than wanting in newly-formed legislatures on any new mechanism of the whole elsewhere. While that House has body. The character, not less almost men who devote their days and nights, than the existence, of the country, is their ease and their credit, their forin the hands of its responsible mini tune and pleasures, to the public intesters. The country is not, nor cannot rest, it can never become contemptible be aware, until from the nature of the from the indiscretion of injudicious thing it is perhaps too late, of how assailants or weak defenders. Among much both are on occasions commit- those men, the speaker now before us ted; and it would be unreasonable to merits, in our humble opinion, a conexpect that the ministers themselves spicuous place. should be always aware of the true A few circumstances in the history
of the Bank of England, previous to bounded the political horizon at home, Mr Grenfell's investigations, seem had banished mercantile confidence. needful for elucidating their scope and Hoards of gold were everywhere made object. So long as the Bank continued by the timid and avaricious; and men's responsible for its issues, by being fears, operating on their interests, made liable to pay in specie, like any pri- those with small possessions desirous vate bank, it seems to have been suffi- of withdrawing their floating paper seciently careful and circumspect in its curities for something more tangible, bargains with the public; and its ad- in the event of foreign invasion or dovances to Government and to the mer- mestic tumult. In this situation of chants seem to have been influenced things, so early as 3d December 1795, by each other. The discounts were the Court of Directors thus expressed subject then, as now, to great fluctua- their opinion to Mr Pitt: “ Should tion. Mr Bosanquet stated to the such a loan take place, they are but too Lords' Committee, that he had seen well grounded in declaring (from the them decrease in amount from a whole actual effects of the Emperor's last loan, to a third. So cautious were the di- and the continued drains of specie rectors in their transactions with Go- and bullion they still experience), that vernment, as, in 1783, to refuse making they have the most cogent reasons to the usual advances on the loan.* In apprehend very momentous and alarma 1782, the highest amount of their ing consequences.” This opinion was notes in circulation was £9,100,000; enforced and repeated in two delibein 1783, £7,300,000 ; and in the year rately formal opinions, delivered to the following, £6,700,000. From 1787 to Chancellor of the Exchequer by the 1793, the amounts were eight, nine, Court, on 14th January and 11th Febten, and eleven millions ; in 1794, à ruary 1796. Previous to these dates, little less than eleven millions; in the demand for gold from abroad was 1795, £13,500,000; in 1796, a little very great. The market price of that more than eleven millions. From 1777 article was four guineas an ounce, to 1794, the advances made by the while our coin cost only £3:17: 104; Bank on land, malt, and other Govern, the consequence of which was, that ment securities, had fluctuated from foreign shipmasters had orders to take seven to eight and nine millions, never back their returns in specie or bullion, exceeding £9,900,000. In 1795, they and large quantities of English guineas stood at eleven millions. At the end were melted at Hamburgh and other of that year, it was understood that Mr ports abroad. At the early part of Pitt contemplated a loan of £3,000,000 that year, so large a loan as six mil. to the Emperor of Austria. At this lions for Germany, and eighteen for momentous period, however, the coun- Britain, was expected, and threw the try began to feel vitally the effects of Bank Directors into the greatest conits hitherto unparalleled exertions. sternation. They had frequent comTaxation had cut deeply into a na- munications with Mr Pitt on such tional capital, which had not been re small advances as he could persuade inforced by any temporary expedients, them to give. At an interview, 23d or excited by artificial stimuli. The October 1795, the Governor of the pressure of commercial distress, which Bank told him, that another loan of is always more or less attendant on a magnitude “ would go nigh to ruin state of war, had then been consider the country !” But the most impresable. Demands for accommodation at sive remonstrance made to the Premier the Bank had been great. That cor- from the Directors, was one dated poration, trading on ascertained re 28th July 1796, on which day a series sources, had become impressed with of resolutions were passed in Court, on the necessity of limiting its issues of an advance of £800,000, of which this notes, and of caution in giving dis- is the conclusion : “ They likewise counts. The doubtful success of our consent to this measure, in a firm relicontinental alliances against France, and the spirit of change which seemed
* For the principles connected with these brooding over the mighty waters that facts, as they bear on the question of the
suspension of cash payments at the Bank,
and its effects on currency and prices, see Report of the Lords' Committee of sect. 1. of Mr M‘Culloch’s Essay on the Secrecy on the Causes which produced the Reduction of the Interest of the National Order of Council, 26th Feb. 1797, p. 23. Debt.
ance that the repeated promises so fre- port to this country, and, indirectly, quently made to them, that the ad- to the civilized world. These, how vances on the Treasury bills should be ever, are yet only so far advanced in completely done away, may be actually their progress; and it would ill befulfilled at the next meeting of Parlia come passing speculators like us to ment, and the necessary arrangements attempt to describe its future directaken to prevent the same from ever tion. The immediate fact with regard happening again; as they conceive it to to the purpose intended by this meabe an unconstitutional mode of raising sure is, that it was completely successmoney, what they are not warranted ful. Indeed, the untouched resources by their charter to consent to, and an of this country were, from many causes, advanee always extremely inconvenient at that time in a state of unparalleled to themselves.' Towards the close vigour. The more they were probed, it of 1796, and the beginning of 1797, was found, to use an expression of Mr the fears of the Bank increased, and Burke's, that “ we were full, even to Mr Pitt's demands became more ur- plethory.” Taxes to an amount hitherto gent. On 25th February, the bank- unknown in the history of the world notes in circulation were £8,640,250; were collected with certainty, and with and next day an order in council was such ease, that their first pressure only issued, suspending payments in specie was felt. All the powers of Europe who at the Bank, which was soon after joined in the coalition against France followed by an act of the Legislature, were subsidized by us, some years “ restraining the Bank of England nearly to the amount of their own from paying its obligations in cash.”
The great majority of the On 1st May 1797, the first issue of landed proprietors, almost all the merone and two pound notes was made; chants and manufacturers, and cerand at that date the amount of notes in tainly much of the rest of the populacirculation was £13,055,800—a sud- tion, fully concurred in these measures. den bound of four or five millions from If ever minister could say, that in all that point which the Directors found he proposed the nation went with safe while they were called on for him, that minister was Mr Pitt. His specie. On 27th December 1796, Mr schemes of war and expedients of fiPitt stated the probable expenditure of nance were received with a fervour of the ensuing year at £27,647,000, and approbation which seemed to think no the new taxes to defray the interest of advance too great for the objects in a loan of £18,000,000, to make up view, and only to regret that means that expenditure, at £2,132,000. In alone, however costly, could not ac1796, we find the highest price of complish them. All of our national bank stock to have been, on 23d spirit that was sentiment, or emotion, January, 1771, and the lowest, on or propensity, tended to utter hatred 24th November, 144. The highest of France, and cordial trust of the amount of bank notes in circulation high-minded man who had gained the was £11,700,000. In January 1797, it ascendant in our councils. It is with was only £10,500,000; and Mr Gren- the consequences of these measures to fell states the value of the capital the Bank of England that we have stock, on an average of the whole
now to do; and they were as follow: year, only 125 per cent." The total The Bank of England was, by pubof the funded debt, in 1796, was lic contract, the agent for managing £327,071,371.
our debt, and, by parliamentary apThe suspension of cash payments pointment, the place of deposit for all we consider to have been at that pe balances of public money from departriod the most important event that ments of revenue or accountantship. had occurred, from the declaration of In the first of these characters, its independence by the British American emoluments had increased with the colonies, if we except the revolution increasing burdens of the country, in France itself. All parties are now until for that service alone nearly agreed on the importance of this sus- £300,000 per annum was received; pension, though two very distinct opi- and in the second, the Bank has now nions have been maintained about its had, for eleven years, the custody of propriety. We humbly imagine, that balances of money, permanently, aveit was fraught with political and moral raging, on the whole, £11,500,000. consequences of the most serious im- On this large sum the Government
at the very
received no interest. It attracted the Mr Grenfell now possesses, we should attention of the committee on public have had a bargain more advantageous expenditure in 1807. That commit- to the public. The plain truth, with tee, in its report, commented with respect to what was really done, is, equal good sense and ability on the that the Bank lent, with an air of saadvantages which the Bank must de- crifice and self-denial, as the equivarive from such a large deposit of mo- lent in a bargain most advantageous ney.
The bank notes in circulation to them, three millions of money to had then increased to £16,621,390; that public, of whose treasure they and the deposits, which in 1797 had were then in permanent possession of been only £5,130,140 inclusive of sums amounting to more than six milprivate accounts, were, on the Govern- lions ! In 1806 this loan became payment account alone, betwixt eleven able. The administration at that time and twelve millions. Bank stock, did not find it convenient to make the which had sold in 1800 from 156 to payment, but succeeded in “ prolong172 per cent., then sold at 230 ing the period of this loan for the then
strong circumstances," as the com- existing war," at 3 per cent. i.e. paying mittee observes, “in confirmation of £90,000 per annum for the use of the large increase of profits.” It ap
Why, sir,” says Mr Grenpears, from the evidence of Mr Samuel fell, addressing the Speaker with most Thornton before the committee, that excusable animation, in 1800, when he, as Governor, trans, moment, in 1806, when the Bank reacted with Mr Pitt a renewal of the quired, and the public most improviBank's charter for twenty-one years, it dently agreed to pay, £90,000 for the had not escaped his eagle eye, to urge,
use of three millions of money, the on the part of the public, a right to Bank held, and were in possession of, participate in the profits of the Bank, a treasure belonging to the public arising, among other things, from amounting to a sum little short of money lodged there to pay the grow- twelve millions, wholly unproductive ing dividends, and the quarterly issues to the public, but productive of adfor redemption of the national debt, vantage to the Bank.” In the year which “ Mr Pitt estimated, might, 1814, it is most proper to add here, during the progress of the charter, ac this loan was repaid, and the interest cumulate to £4,000,000 a quarter.”+ on it, amounting, for eight years and The final bargain made for the public eight months, to £780,000 ! was, --for the renewal, and on account As soon as the report of the comof the advantages from public money mittee on public expenditure made its enjoyed by the Bank,
-a loan of three appearance, Mr Perceval, who was by millions, without interest, for six that time Chancellor of the Exchequer, years, “producing," as Mr Thornton came forward to claim for the public says, a profit of £900,000 ; but, at a participation in the profits derivable the then price of annuities, it was from the deposits, and a reduction in worth only £750,000, reckoning £5 the charge for managing the national per cent. interest of money.”
The debt. The Bank agreed to give anosame gentleman states the average ther loan of three millions without balance from money lodged for pay- interest ; to allow the withdrawing of ment of growing dividends, as half a million of the unclaimed divi. millions and an half,” and “ on the dends then lying in their hands; and public accounts at that time, of trilling a reduction equal to about one fourth amount.” Mr Grenfell, however, has in the then existing charges for the found out,
from statements now management of the debt.” The saving made by the Bank,” and avers it in by this arrangement was £242,000 per his speech, that the money for grow annum. In 1814 this loan became ing dividends exceeded £3,600,000, due. The present Chancellor of the and that the trifling deposits were Exchequer prevailed easily on the £1,947,000. If Mr Pitt had pos- Bank to allow the prolongation of it to sessed, in 1800, the knowledge which 5th April in this year, on the ground
that the public balances had remained
“ undiminished.” • See Report, &c. ordered by the House of Commons to be printed, 10th August
We may now venture to state the 1807, pp. 75, 76, 77, 78, and 79. + Vide Report, as above, p. 103.
* Mr Grenfell's Speech, p. 21.