Hints on the national bankruptcy of Britain, and on her resources to maintain the present contest with France

Front matter

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Chapter I

LOUD cry over Europe of impending national bankruptcy of Britain, 1 : Statements of M. Hduterive and Arthur O'Connor examined, 2 : Same notions prevalent in the United States, ib. Inconsistency of asserting the national bankruptcy of Britain, and also denouncing her as the corruptor of all mankind by her wealth, 3 : Different degrees of credit attached to the British and French governments in the American money-market, 5 : Monthly average of exchange on Britain in New-York for the years 1804, 1805, 1806, 1807, 1808, 6.

CHAPTER n.

Chief writers in the Edinburgh Review enumerated, 8 : Amount of British and French taxation, 9 : Expense of collecting taxes in the two countries, 1 1.

CHAPTER HI.

British commerce in 1784 — 1804,13: Its progressive increase, ib. Price of British tonnage, 14 : Difference between the real and custom-house value of British Imports and Exports, 15 ; Internal commerce of Britain, 17.

vi. CONTENTS.

CHAPTER IV.

Manufactures of Britain, particularly her ■woollens, 18: dumber of sheep in England and Wales, 21 : Annual quantity of British wool, ib. Chancellor Livingston^?, Essay on Sheep, wool, &c. examined and some of its errors in point of fact refuted, 22 : Spanish wool is mixed with other fleeces in cloth-fabrics, 23 : The finest Spanish wool is imported into Britain, 24: Price and quality of British wool much under-rated, 26: British wool formerly esteemed the best in Europe, ib. Spanish wool mended by African intermixture, 28 : Some species of British wool still very fine, ib, Scottish Highland society, 29 : Earl of Selkirk on emigration fi-om the Highlands of Scotland, 32 : Marshal Keith and a pairof Scottish stockings, 33 : What soil and climate fitted to produce fine-woolled sheep, 34 : Different species of European sheep, 35 : British sheep intermixed with the Spanish Merino, ib. British king's flocks, ib. Prices of British Merino wool, 37 : Doctor Parry's Merino-Ryeland sheep, id. Lord Somei'ville's sheep-stock, 39 : British Merino-Ryeland better than Spanish Merino sheep in wool and carcass, 43 : British wool makes fine cloth, 44 : And finer shawls than the Spanish fleece, 46.

CHAPTER V.

Agriculture of Britain, 46 : Proportion and disposition of cultivated land in England and Wales, 47 : Undue propoi'tion of pasture-land in Britain, ib. Remedy for this, 48 : Scottish better than the English and Irish farmers, ib. British Agricultural Societies, 49 : Their use, ib. Great improvements all over Scotland, in agriculture, canals, bridges, tillage, implements, See. 52: Caledonian Canal.^ 56: Annual amount of British agriculture sufficient for her ordinary consumption, 57 : Very small supply of gi'ain from Poland, the United States, 58.

CONTENTS. yii

CHAPTER VI.

Condition of all classes of society, but more particulai'ly of the poor, in Britain far belter now than at any former period, 59 : Effects of progressive improvements of labor in Britain on the laboring people, 60 : State of English poor in the time of Henry 8th, Elizabeth, Charles 2d, and George 3d, 61: Increased healthiness in Britain, 62 : Annual deaths, 63 : Mr. Maltlius, — English-poor laws impolitic and pernicious, ib. Lord Kaimes, 64 : Laboring classes in Britain more numerous and more opulent now than heretofore, 70 : Annual average of people hanged in the reigns of Henry the eighth, Elizabeth, and George third, ib. Hint to Americans on this subject, 71.

CHAPTER VII.

Coal-mines in Britain, 72 : Public revenue in Britain from 1700 to 1800, inclusive, with the amount of public loans during the eighteenth century, 75 : Public expenditure in Britain from 1700 to 1800, inclusive, at a medium of every seven years, 77 : Heads of public expenditure in 1800, 78: Official value of British imports and exports, and apfiarent balance of trade, distinguishing the West-India imports, from 1697 to 1 800, 79 : Present amount of West-India imports into Britain, 82 : British supplies and ways and means during the wholeof the eighteenth century, 83 : Heads of supplies and ways and means for 1799, /5. Supplies for 1800,86: Excess of public revenue above a peace expenditure, 88.

CHAPTER VIIL

Purchase-money for land in Britain 89 : Progress of interest, ib : Hoiv low rate of interest raises the price of land, 91 : Rent of land how arising, 92: Ordinary market-price of land depends on that of interest, 92 : Price of land in France now'

B t?iil CONTENTS.

in 1809, 93 : Rate of interest in France now ivhy low, 94: No paper-money in France and much specie, ivhy, ib. Causes of the substitution of paper-money for specie in any country, 96: In Britain, ib. The United States, ib. British American colonies, 96: France, z6. Algiers, t(!». Russia, z7>. Origin of inheres? on money, ib. How regulated by profits on stock 100: causes oi low interest, zi. Origin of landed or agricultui'al society, 101 : Their beggarly condition, z3. Oi'igin oi ?nonied interest, 102: Oi merchants, ib. Their utility, /(5. Why landholders idle and prodigal, 104: Why commerce makes men Industrious and frugal, 105 : Lawyers and physicians generally frugal, ib. State of Virginia anti-commercial, 106 : In agricultui-al society all borrowers and no lenders, 107: Extensive commerce diminishes the profits on stock, and lowers the rate of interest, 108: Which the barometer of national prosperity, 109: Extreme case of momentary depression of interest, by national ruin, 110: Progressive value of land in Britain, 111: General rental of Britain during the eighteenth century, 112: Total of British capital, real and personal, with its annual produce, 113: Comparative amount of British capital in 1700 and 1800, 114: Annual expenditure, national capital, and national income of Britain, during the eighteenth century on a medium of twenty-five years, 116: Taxable income of Britain, ib. Her amiual expenditure, and annual taxable in-r come during the eighteenth century, on a medium of twenty-five years, 117: Increased productiveness of British taxes, 118: Exports, ib. And imports, ib. What proportion of public revenue x\\c customs in Britain give, 121: And how much she derives annually from the nohole trade of the United States, ib.

SECOJVD DIVISIOA'.

CHAPTER I.

JYational debt of Britain, 124: Shall it be sponged, say the jacobins, 123: Effects of sponging, ib. General nustake as

CONTENTS. i:v

to the rffl/ magnilude of the British public debt, 128: Heads of the piibUc funded debt in Britain in 1800, 131 : Difference between the real capital borrowed, and the nominal capita! funded, 132: Cause of this difference, 133: State of nominal and real capital of British national debtin Britain in 1 809, 136.

CHAPTER n.

Sinking fund of 1716, 137 : A statement of th6 British fum ded debt from 1730 to 1800, inclusive, 138: General view of public debts, funded and unfunded, from 1700 to 1786, together with the operations of the sinking fund of 171 6, during that time, 140: State of British finances in 1784, 141: Old sinking fund oi 17 ^d'^ib. JVciv sinking fund oi 1792,142: Sources of income to these sinking funds, 1 43 : Every pviblic debt in Britain now reduced to a determinable annuity^ 144: Operation of the sinking funds in redeeming the national debt from 1793 to 1800, 145: Annual income of the sinking funds in 1806, 146; Amoimt of national debt /ja/rf q^ in 1806, 149: Several dates when the old sinking fund reaches its maximum, and redeems the whole debt incurred before 1792, 151 : Dates when the new sinking fund redeems the whole of the debt incurred 5z«C(? 1792, 152: State of the British funded debt, long and short annuities, together with the progress of the sinking funds from 1786 to 1800, and annual charges, including the sums applicable to the reduction of the debt, 153 : The mode in which the sinking funds operate to redeem the national debt, 154: Annual income of the sinking funds in 1809, 159: Amount of capital of debt paid off in 1809, 160 : Illustration of the vast progressive force with which the new sinking fund outstrips the progress of accumulating debt, 161.

CHAPTER in.

Why a maximum imposed upon the old sinkhig fund, 166: The Earl of Lauderdale's objections to the principle of the sinking funds examined and refuted, 167: The smking fun*v

X CONTENTS.

cannot flood Britain with a redundant capital, 1 69 : Their real operation on British capital and the prices of stock, 172 : Objections to the funding system by Doctor Adam Smith and his followers shewn to be false, 177 : It does not unjustly burden posterity with debt, 178: It does no^ needlessly annihilate national capital Avithout producing an equivalent, 179 : Doctor Smith's division of a community into productive and unproductive demonstrated to be fallacious and inconclusive, 180 : Cases of the menial servant, journeyman manufacturer, and farm servant, 181 : Mere subsistence is not national wealth, 185 : Musicians and glass-blowers, il). Why the soldier and the judge are /ij'orfwc^/z'e laborers, 184: In what manner all the classes of society increase its wealth, 187 : What are the equivalents w/n'c/i a national debt produces to a country, 189 : The fiolicy and wisdom of the funding system demonstrated, 191: Growth of national capital, 192: How employed, ib. Its progress analogous to that of population, 194 : Checks to the inordinate augmentation of nationa! capital, 197: Great evils of its redundancy, ib. Comparative national expenditure in the different stages of civil society, 198: Necessity of funding money, 199: Importance of finance, ib. Fundingsystem gives strength to a nation, 208 : Great evils of paying off the ivhole debt, 212 : Vast importance of public revenue to a nation, 21 6 : Conclusion that Britain is not a bankrupt, 2 1 &.

THIRD JDIVISIOjY.

CHAPTER I.

Britain supposed to be on the eve of ruin, 219 : Necessary results of her destruction, 221 : to her owtz people, /3. Her firesent great advantages, 222 : Immediate effects of her subjugation to France, ib. In loss of empire, 223: Liberty, ib. Property, ib. Industry, ib. Virtue, ib. Happiness, ib^

Chapter II

Effects of Britain's destruction on the world at large, 228 : Character of the French nation, 229 : Its morals, manners,

CONTENTS. xi

T'overnment, 23 1 : Political prediction of Mr. Burke respecting the French Revolution, so early as the year 1790, 232: Necessary diminution of the wealth, industry, freedom, virtue of the world, 235 : Causes of the increase of commerce, which shared by different nations, 237 : Foreign relations of Britian chiefly commercial, 241 : Brief notice of European wars for the last hundred and fifty years, 242 : The use of subsidies, 243 : The balancing systcin.^ 244 : English navigation-act.^ 245: Its effect, 249: Its chief provisions, ib. British commercial monopoly^ nuhat.^ ib. European colonies, ib. Real causes of British comniercial greatness, 250 : Essential difference between a naval and a military power, 253 : Necessary consequence to the world at large from the destruction of Britain, 256 : Bonafiarte's answer to a Bourdeaux petition, 257: State of Europe in the fourth century, 258: As to taxes, ib. {Whiskhy insurrection in the Union,) ib. On land, ib. On merchandise, ib. Consequent destruction of agriculture and commerce, 261 : Extreme tyranny of that period, 264: which an object of imitation to Bonaparte, ib.

Chapter III

Effects of Britain's destruction upon the United States^ 265 : Which then forthwith visited by the conqueror of Europe, 266 : Present treatment of America by France, 267 : French plan of invading these United States, 268 : What defence America has against foreign invasion, 271: Militia system examined, ib. Distinction between militia-men and real soldier, 273 : How militia fight, and how they run away, 275 : IVhat is the primary duty of a soldier, 276: How soldiers are formed, ib. Physical courage, how regulated, 278 ; Helped by association, ib. American militia, disorderly, uneffeC' tivC) 279 : Individual valor unimportant, ib. Division of labor necessary in war as in other pursuits, 280 : Citizen soldiers absurd, ib. What are the modes of national defence, 282 : Superiority of real soldiers over militia-men, 284 : The peasantry not the natural defence of a nation, 286:

xii CONTENTS.

Make the worst and most expensive troops, 289 : Ueguiar army the sure bulwark of national security and power, 290 : What the perfection of a military force, 294 : Danger of relying on militia, ib. Effects of discipline and military tactics, ib. Duke of Marlborough, ib. Career of an able and intelligent invading army, 279 : Militia most exjiensive as well as inefficient system of soldiery, 298 : Introduction of regular armies a great improvement in political science, 299 : Their proper component parts, 301 : The shifting population of a country, 302 : Voluntary enlistments analogous to funding system, 303 : Militia-system an unjust and oppressive mode of taxation, 304 : Great fii-ojligacy resulting from the militia-system, 306 : French discipline and tactics, ib. Great want of all discipline in the early days of the revolution, 307 : Dumouriez, Rochambeau, Jacobin-club soldiers, 208 : Cowardly, cruel, f6. Kellermann, 310 : Carnot, ib. Strictest discipline introduced into the French army, 311: Its great success, ib. Invasion of Spain, ib. Dugommier, ib. Bonaparte, 313: His great UKiprovements in military tactics and discipline, ib. Iihinti?note and /a-yoMrz/e generals, 315: Present undisciplined state of Spanish soldiery, 317: American 7mlitia always ran away during the rcA^olutionary war, 318: General Lee, ib. Army of the United Slates, 320 : Conduct of the British Generals, ib. Opinion of General Washington on the jmVzVfa-system, 321: General Montgomery, ib. Difference between raw recruits and soldiers, 325 : Short enlistments, ib. American Militia /m% as dac? since the revolutionary war, 327 : Depositions on the Court-Martial of General! Harmar, 328 : Kentucky-militia, 330 : Pennsylvaniamilitia, ib. Disorderly, ib. Rebellious, 332 : Cowardly, ib. ran away on all occasions without firing a gun, ib. Indian skirmishes, 336 : Militia mutinous, addicted to democratic club-meetings, 338 : Began to pipe and cry at the prospect of fighting, 339 : Instance of extraordinarily severe discipline by Bonaparte at Bologne in 1804, 340 : Inevitable desti uction of these United States in the event of a French invasion, 34! :

CONTENTS. xiii

American militia, ib. Army useless, 342 : Conduct of General Howe with his British troops in the Revolutionary war, 343 : America would speedily sink into quiet slavery to Bonaparte, 345 : Opinion of Mr. Jefferson on the rapidly approaching destruction of Britain, 349: Effect of Britain's ruin on the United States, as to want of manufactured. goods.

Chapter IV

Britain not yet fallen, 353 : Positive and relative condition of Prussia, 354: Opinion of the American cabinet at Washington respecting the fate of Austria and Britain, 357 : Difficulty of obtaining information about Europe in the United States, 35 3: Austrian officers and soldiers good, 359 : Archduke Charles, ib. Buttles of Marengo, Austerlitz, Elsinghen, Wagram, 360 : Treaties of Luneville, ib. Of Presburg, 361: Great defects in the Austrian government, ib. Vast natural resources of the Austrian empire, 362 : The peasantry oppressed, 363 : Military enrolment, government, monopolies, ib. Absurd and ruinous system of taxation, 365. Paper-currency depreciated, ib. Influence of Bonaparte over the Aulic-Council and tlie Austrian officers, 366 : Necessity of reform, ib.

Chapter V

General opinion that Sfiain will be speedily subdued by France, 368 : Views of American democrats on this subject, 370 : What resistance has Spain made, and what can she make against Bonaparte ? 374 : A''o nation ever yet enslaved by a foreign foe if unanimous in opposition, 375 : Resistance of the Spaniards to the arms of Rome, ib. Memorable siege of the ciiy oi A^imantia, 376: OfSaragossa, 380: OfGerona, ib. Spanish officers and soldiers, ib. Juntas, ib. State of Spain at the time of its invasion by France in 1808, 381: Present disposition of the French armies, S83 : And those of Spain and Britain, ib. Great destruction of French troops in xiv CONTENTS

the Peninsula, 385 : French mode of V\'arfare in Spain, 386 : Effects of great calamities on nations and individuals', 387 : Why Britain should not scnd/;er armies into Spain, 387 : Portugal not of itself defensible, ib. Must folloTv- the fate of Spain, 392 : Results to Spain and to the world in the event of the patriots succeeding, 893 : Or being vanquished, id. Will the conquest of Spain enfeeble Britain ? 397 : Emancipation of the Spanish colonies, 399 : Their immense resources, ib. Present population, 402 : Great advantage to Britain, ib. Junction of the jit Ian tic and Facile oceans, 406 : Its facility, ib. Mighty results of such a junction, 407 : Various schemes of Hispano-Amcricayi independence, 409 : Miranda, ib. Agreement with Britain, 409 : Articles of concert between the two nations, 410: Quashed by John Adams, President of the United States, 413.

Chapter VI

Absolute and relative power of France., 414: Over the neighboring nations, 415: Particularly over /fa^y, eii. Over Austria, /6. Switzerland, 417: Holland, ib. Great and terrible power of i^rcwce herself, 419 : In population, z6. Revenue, ib. Militarij conscription, 420 : Effects thereof, ib. Views and character of Bonafiarte, ib. Democratic opinion of the benefits resulting from the universal domination of France, 424, 425 : The French conscription-code, ib. Characteristic of the present French government, 226 : Spies, ib. Police, 427 : Preacher at St. Sulpice, ib. Condition of the conscripts, ib. Equalization of property in France, 429 : Conscription unequal as well as oppressive, 431 : Great horror of the conscription in all Frenchmen, 432 : State of France in \2>07, ib. Particularly of Paris, 435: Effects of the French police, ib. Great alarm and danger of the French government, 437 : The conscription-system still more hateful to the vassal states of Italy, 438 : the Loav countries, 439 : Holland, ib. French civil and military officers monopolizf

CONTENTS. XV

continental Europe, 440: Fi'ance attempts to live entirely by the plunder of other nations, 441 : French generals, ib. Their views and habits, 442 : Why attached to Bonaparte, ib. JVo freedom fiosfible for France, 443 : Gross and perfidl: ous tyranny of Bonaparte, 444 : Probable speedy destruction of continental Europe by the French armies, 445 : Bonaparte's unprecedented perversions of the /iress^ 447 : The former state of Europe far better than tlie /iresent, 448 : Balancing-system^ ib. Dismemberment of Poland., 449 : Breaking up of the Germanic constitution, 450 : Weakness of the northern European powers, ib. Russia, 45 1 : Prussia, ib. Britain the chief aim of Boiicipdrte, ib. Her destruction never to be lost sight of, 452 : French plan of universal conquest, 453 : Parallel between France and Rome, and between Britain and Carthage, not correct, 454 : Roman and French soldiers dissimilar, 455: Carthage base and cowardly, 456: Feeble, unpurposed, democratic, ib. Britain powerful in her geographical position, 457 : Government, ib. Naval force and courage, 458 : Permanent wealth, ib. Industry, ib. Commerce, 459 : Population, ib. Finances, ib. RLpid circulation of capital, 460 : Bonaparte, ib. Robespierre, ib. Marat, ib. France always aiming at universal domination, 461: Louis the fourteenth, z6. The French revolutionary chiefs, 463: Publicola Chausard-j ib. European treaties during the last century, 464.

Chapter VII

Counter-Checks to the power of France, 465 : In the CorH' scri/ition-system, ib. Effective population of a country, 446 : Cut away by conscription in France, 467 : Terrible mortality of French soldiers, ib. Origin of French generals, id. Proofs that the conscription has drained the effective population of France, 468 : In anticjiiating the levies, ib. In raisingye wer men now than formerly by voluntary enlistment, 469 : In guarding France with Germans., ib. In not conquering Spain, lb. In not annihilating Austria, ib. Bonaparte's thirtieth Bulle-

C xvi CONTENTS.

tin, 470 : France and Holland full of old men and boys but very few young men^ ib. Day of re-action by continental Europe, 471 The French deficient in courage, 4:72: Man by nature cowardly, 472 : The position of a celebrated French General, 473 : English, Irish, Scottish, Sir Eyre Coote, Russians, Germans, Swiss, Prussians, 474 : Spaniards, Dutch, Italians, Portuguese, Chinese, 475 : Battle in Germany, ib. French officers excellent, 476 : P-oo/s of want of courage in the French, 477 : Transcendant talents of Bonaparte and his generals, 478 : Great reluctance of the French to join the army, ib. General Le Febre, General Laval, 497 : The French droop under reverse, 48 1 : Rapid diminution of pi'oductive industry in France, 482 : Of foreign commerce, of manufactures, of agriculture of finances, 485 : Invariable tendency to weakness in despotism, ib. Literary Panorama, ib. Internal state of France in 1809, 488 : Discontents of the people, ib. Frequent arrests by night, 489 : The conscription disabilities contrived, 490 : The taxes insupportable and unproductive, ib. The Cadastre, ib. Commerce nearly destroyed, 493: Interest on money, ib. Discount, 495 : Manufactures crippled, ib. Emigration, 497 : External coun* ter-checks to the power of France, ib. In the hatred of continental Europe, 498: State of Italy, 499 ; Particularly of Holland, z6. Her soldiers, sailors, 501 : Her political fiarties, 502 : Individual safety the only object of a Dutchman, id. foreign commeixe destroyed, ib. Internal trade ruined, 504 : Diminution of capital stock its effects, 505 : Bengal, Holland, their different conditions, 507 : Commercial credit, in Britain, Holland, ib. Taxes on the Dutch, 509 : Great diminution oi Jiopulation in Holland, 510: Friendship of France to the Elector of Wirtemberg, 511: Practice of hoarding specie among the American Dutch, at Bergen in New-Jersey, 512.

Chapter VIII

Power of Britain, 513: Her fio/iulation, ib. As to numbery ib* Slovenly census in 1800-1, 514 : as to quality, ib. Her

CONTENTS. x^

effective population, 516: Strength and courage of her people, ib. Her naqal exploits, 518 : Her*o/cfie7-s, ib. "Her cavalry, zd. Her officers, ib. Qualifications of a commander, 522 : Britain not sufficiently military, 523 : Too dtfeni-ve.,ib. Necessity of active and effectual war against France, 528. Recent military exploits of the British armies, 529 : Abercromby, Moore, £6, Wellesley,fii. Sp.inish campaign, 530 : Talents of Britain, ib. Denied by democrats, z6. Her /2o/z7ica/ talent questioned, 534 : High intellect cannot be concealed, fi. High bounty for talent in Britain in every department, 535 : Much talent must generally be used in the service of the British government, 536 : No necessity for all the great talent of a country to be politically employed in an established government, 537 : Edinburgh Review^ 538 : A new dynasty requires all a country's talent, -539: Inconvenience of too much intellect in a government, 640 : Lord Chatham, z6. Bonaparte, 541 : Great talent necessarily produced in a free country with magnificent institutions, z6. A democracy firoscribes talent J 5^2 '. M.l\ Broug-hamy ib. Occasional loss of great men not felt in a well organized country, ib. Britain generally sends ont feeble ambassadors to foreign countries, 543 : Ambassadors ought to be statesmen, ib. Importance of sending able envoys to the United States, 544 : French diplomacy, ib. ■ Why France influences the secondary nations of the world, 645 : Why primary nations are ignoi-ant of each other, 546 : French and British conduct to Dutch petitioners, 547 : Views of a resident in a secondary nation, ih. M. GentZy 548 : British resident ministers in America, ib. Importance of ambassadors, 549 : Brithhforeign policy too careless, 550 : Mr. Ste/ihen, ib. Difficulty of procuring able ambassadors in Britain, 551 : Their impediment in the United States, 552 : No such obstacles to the excellence of French diplomacy, 555 : Mr. Jackson the existing British ambassador to America, 556 : Mr. David JErskine, 557 : Lord JErskincy ib. Mr. Munroe, ib. American envoy to Britain, 558 : Jbuse always proportioned to the importance of the object, 559 : xn France, ib. Britain, 560 : The United States, ib. Speci"

xxiii CONTENTS.

menof David Erskine's <zmo?o?M,z&. Political /iar^iVs in Britain, 563 : Whig, ih. Tory, ih. Jacobin, b. Edinburgh Review, 564: Cobbett, zJ, Spanish ambassadors and two English bull-dogs, 565: Earl of Selkirk, ih. Jacobin circular from Liverpool in England, 567 : Question as to the expediency of political parties, 570 : Opinion of General Washington, 572: Absolute necessity of parties under every free government, 574.