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others. This circulation turns to the advantage of industry, which always finds itself indemnified for the pretended burthen laid upon it. The four millions fterling, annually raised by taxes to pay the intereft of the funds belonging to the English, produce at leaft fifteen or twenty millions in circulation, which are laid out for the benefit of industry. To fupprefs one million of revenue, would therefore destroy a circulation of several millions, and diminish the contributive power of the inferior ranks, by at least twenty millions in the courfe of the year.'

The Author replies to the fecond objection, by observing, that it is the debasement of gold and filver, in their quality of figns, and not the increase of taxes, which has trebled the nominal price of commodities.

• When we fay, that every thing is dearer, we mean that money is lefs valuable; and it lofes its value, because there is more of it. It may be faid, that a man, who has an income of three thoufand crowns, is not richer now than his ancestor was formerly with a thoufand; but there are twenty people in Europe, who have three thousand crowns a year, for one who, two hundred and fifty years ago, had a thoufand. And this is in a great measure, attributed to the difcovery of America.'

The third inconvenience, attending the national debt, is, in our Author's fyftem, deemed the greatest.

It is certain, fays he, that the powers who borrow become tributary to the foreigner who lends. Yet this inconvenience, real as it is, is nothing in comparison with the advantages of which we have been fpeaking. Every thing has its inconvenience. This one however (inferior in itfelf to the advantages which it produces) is ftill farther extenuated by thofe derived from the foreigner, who furnishes on demand the fums wanted, part of which are frequently spent in the kingdom. But the point that deferves moft to be confidered, is, that, without this foreign fupplement, by which the measure of power is filled up, which keeps the game alive, and of course promotes circulation, England could not have found fuch extensive refources. The want of this fupplement might perhaps have checked and enfeebled all her operations.'

In obviating the laft difficulty, our Author ftates the benefits which are derived both to government in raifing loans, and to circulation in general, from the dealers in the flocks. Thefe (he fays) are unquestionably immense.

If after that, I fhould be asked what I thought of the employment, I fhould frankly confefs, that I would diffuade my children, friends and relations from meddling with it. It is a dangerous trade, and has of late been grofsly perverted.'

After all it is acknowledged, that the national debt may be accumulated to a fum that would greatly diftrefs the kingdom,

There is a maximum of two forts to be equally avoided. One is the amount of the intereft provided for by the taxes. The other concerns the mafs of paper in circulation. I believe we are at greater diftance from the first than the second,'

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As a proof that we are very near the maximum of public credit, the Tranflator obferves, that every little event or rumour has a fenfible effect upon the stocks. While there was a power of credit in one scale confiderably more than fufficient to raise the weight of debt in the other, the tricks of interested men, or the apprehenfion of political events, made little or no impreffion. The beam was immovable. Even at the highest pitch of the rebellion, ftocks were not below par. But the enormous addition of debt, incurred in the laft war, has brought credit and debt fo nearly to an equipoife, that the weight of a -grain, the breath of an infant, inclines the balance. A dextrous minifter may keep it even for a time. A wife and honeft minifter will never reft till he has given a clear unquestionable preponderance to the fcale of credit, which can no way be effected but by lightening the debt. That the weight of the debt is the only or principal caufe of its depreffed ftate is plain from this fact. In 1751, that is, only three years after the peace of Aix-la-Chapelle, when we owed only feventy-five mil lions, the three per cents were at a hundred and one; whereas now, after a peace of eleven years, their conftant regular price has been twelve, thirteen, or fourteen per cent. under par. The Author however seems to be of a different opinion from the Editor; and he apprehends that the following principles, properly combined, will help to afcertain the utmoft limits of -the national debt:

1. We should firft compare the mafs of gold and filver, with which America annually enriches Europe, with the quantity funk in Afia, If, by an augmentation of fpecie, the balance inclines in favour of Europe, we are so much the farther from the maximum. The progrefs of commerce forms the fecond combination: particularly that with America in the confumption of European manufactures and commodities. The more the English improve this branch, the less Itheir debt will be a burthen to them. The third effential article is population and agriculture, which form the natural ftrength of every ftate.'

But the Translator very justly remarks, that Monf. de Pinto has inverted the natural order of these three combinations. The first state of improvement depends on population and agriculThe progrefs of commerce forms the fecond. The augmentation of fpecie or balance of trade is the last object of the three.

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Our Author admits, in the fequel of this effay, that it is ef fential to the credit and profperity of England, and of every other ftate, to profit by peace, and to make a good ufe of their finking fund, by difcharging one third of the national debt, and relieving the nation from a part of the taxes. A finking fund (he fays) increases as fait as it is applied, and, with the

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addition of the growing intereft multiplied for fome years, conftitutes a great power for the difcharge of debt.

The fecond part of this effay contains many very judicious obfervations on the nature and powers of this fund, and on the proper method of applying and increafing it. The fcheme which our Author propofes is that of converting a part of the public funds into life annuities, and of aiding the operation of the finking fund by a new and more equal affeffiment of the land-tax, a tax upon collateral fucceffions, a light tax upon transfers, a car pitation or poll-tax, a small duty upon articles of consumption, upon offices and employments, and a judicious concurrence of finance, as occafions offer. But this is a fubject which has been fo accurately and fully difcuffed, fince the first publication of this work, by the ingenious Dr. Price, that we fhall only refer our Readers to what he has written upon it. He has pro posed several other schemes, much more eligible and effectual. than that of life annuities, and has clearly fhewn in what refpects this would be comparatively deficient and improper. See Monthly Reviews, vol. xlv. p. 344, &c. and vol. xlvi. p. 402, &c.

We are surprised that, in enumerating the objections against a large public debt, the Author has omitted to mention one, which, in a free ftate, is unquestionably of very great moment; viz. the system of venality, dependence, and corruption, which it creates. To us this appears to be one of the most formidable objections: the influence of near one hundred and forty millions of debt is immenfe; every confiderable stock-holder is partial to the measures of adminiftration, on whatsoever principles they are founded, and to whatsoever ends they are directed; beside this farther confideration, that fo large a fum furnishes many lucrative jobs and douceurs, the benefit of which has been expérienced by the minifter and regretted by the people in a thousand inftances.

The third part of this effay contains an examination of a treatise written by Monf. Mirabeau, intitled, The Theory of Taxation and principally relates to the finances, taxes, and agriculture of France. The fourth part is a kind of Appendix to the third, in which the Author fuggefts fome farther confiderations on the fame fubject. Thefe, together with an excellent letter on the jealoufy of commerce, we must refer to the perufal of those who may wish to be farther acquainted with this ingenious Writer. We fhall only add, that the Tranflator's notes are pertinent and judicious; and, though not very numerous, they are a vaJuable addition to the original work. An Index to the whole fhould have been added,

R-6.

ART.

ART. X. Sermons on the following Subjects, viz. 1. Friendship. II. Gratitude to God. III. Mercy. IV. Pride. V. Sinful Anger. VI. The Advantages of early Piety. VII. The unfearchablenefs of God's Ways, and the Benefits of afflictive Providence. By Mary Deverell. 8vo, 5 s. fewed. Bristol, printed. Lon don, fold by Becket, &c. 1774.

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Volume of Sermons, compofed by a woman, would, formerly, have been regarded as a fingular phenomenon in the literary world; but fuch productions feem to be growing common in this country. We had, very lately, a publication of this kind, from the pen of Mifs Roberts *, who acquitted herfelf in this walk, fo new to her fex, with reputation: and now, another ingenious lady fteps forth, to convince us, that female preaching is not confined to the Quakers.--But there is this difference between the fair Quakers and the ladies of whom we have been speaking, that the former chufe to deliver their inftructions from the roftrum, the latter from the prefs.

Should the texts at the head of these fermons be removed, and a few other flight alterations made, they would rank among thofe effays, mifcellanies, &c. with which our learned ladies have frequently favoured the public: if they are not fully equal in compofition and elegance of style, to fome other of our pulpit difcourfes, they have, nevertheless, real merit, and difcover the good fenfe and amiable difpofitions of the Writer.

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In the preface, or apology to the public, as it is modeftly termed, we are told, that a strange concurrence of circumstances has united to usher thefe manufcripts into the world, which, like many others that make their appearance in print, were not defigned, at the time they were penned, for the infpection of the public. In compliment,' it is added, to the opinion of fome refpectable characters among the clergy, I would both readily and gladly have altered the title of Sermons, to that of Effays, Reflections, or any other which might have been deemed more proper, as lefs affuming, than the prefent. But as those gentle men could not, from the form and nature of the compofitions, allow the equal propriety of any other title; and as my firft fubfcribers would not relinquish their claim to the publication under the identical denomination for which they had given in their names, I have, for their fatisfaction, retained it.'

As the curiofity of our Readers may lead them to wish for a fpecimen or two of this performance, we fhall add a few extracts:

The fermon on friendship, with which the volume commences, is founded on that ftrict union, which fo eminently fubfifted, according to the fcripture hiftory, between Jonathan and Davidt

See Review, vol. xliii. p. 79.

Friendfhip,

Friendship, says our Authorefs, is feated in the heart, and is equally eftimable, whether apparelled in a ruffet coat, or a royal robe. For externals are no more to the effence of it, than the cafket is to the jewel it contains. Its excellence is intrinfic and its due praife would exhauft the moft copious language. It has indeed been the favourite theme of writers in every age; but their most eloquent panegyrics, fhew rather that they wished to do justice to their fubject, than that they really did it. A true friend is thus described by one of them: "He is the comfort of miferies; the guide of difficulties; the joy of life; the treasure of earth; and no other than a good angel cloathed in flesh." An union with fuch a friend doubles our pleasures and divides our pains; and is often dearer to us than the nearest ties of kindred. Indeed without friendship, even heaven itself would not be the mansion of blifs; for this it is which conftitutes that harmony, without which, happiness can have no existence. And as to this terreftrial abode, its choiceft delights, without it, are but infipid and disgusting. From friendship, fociety derives all its relifr; and without fociety, even Eden would be irkfome. Adam could not gather the fruits of paradife, when folitary, with fatisfaction. Even brutes affociate with their kindred brutes. But meer fociety is not all that man feels the want of; he wants a friend; he wants a fecond felf, to whom, without referve, he may give vent to all the effufions of his heart. The generous fervour of a steady friend, in whom are happily united the will and power of doing good, has fuch an emanation of the divinity in it, as must fupremely exalt the character it animates. And what confidence may we not repofe in fuch a friend! Therefore we ought to lay open our heartsto him without referve, as clients do causes to their agents; and fhould fubmit to his examination every hidden thought, if we would expect the benefit of an unbiaffed judgment. For otherwife, how can we be faid to blend fouls? Or how is it poffiblefor our friend to form that impartial and just opinion of the cafe, as may enable him to give us the beft advice? Without fuch a full developement of every circumftance, we may be led into fuch a labyrinth of errors, as will not leave it in the power of any friend to extricate us *.'

In the third fermon from John viii. 11. Neither do I condemn thee. Go, and fin no more,' we find the following reflections:

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If Mary Deverell is a single lady, we most cordially wish her in poffeffion of that worthy friend,' that fecond felf,' in whofe bofom The may, without referve, give vent to all the effufions of an heart,” -fo fufceptible of the focial, generous, and tender feelings, as (from the foregoing quotation) the heart of our fair fermonizer appears to be!

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