ciated currency, because the rates of exchange are liable to be affected by so many other causes. After the very ample and very able discussions of the doctrine of exchange which have lately been made public, and the great exertion with which you have endeavoured to procure attention to those parts of them which are most deserving of it, it was not to be expected, that so absolute a position as that above mentioned, should have been at this day advanced, and with. out any attempt to support it, except by a presumption that the world was as ignorant as ever of the ramifications of commercial exchange. As your correspondent admits that the rates of exchange may be affected in some degree by a depreciated currency, and as we must take it for granted, that he would likewise admit that they are affected by what is usually understood by a balance of trade, he leaves us to divine, for surely it is not easy to say, what the many other causes are which affect the rates of exchange. To me, who am perfectly satisfied that the science of exchange is perfectly simple, it appears, that the opinions of your correspondent are not only untenable, but such as betray a want of a perfect comprehension of this subject. It is only necessary for me to look back to a period of some few months to bring to my recollection, that the universal opinion of those who deservedly ranked as able commercial politicians, was, that the subject was so intricate, and affected by so many causes, that it was impossible to account for the unusual high rates of exchange between Dublin and London. always occurred to me, when inquiring the cause of this phenomenon, that those who made answer that there were many causes, conveyed the surest proof of total ignorance of the subject, because I have always understood that the criterion of science was the clear and simple redaction, step by step, of every effect to its own proper cause. Under these impressions, Mr. Cobbett, I am very far from being able to agree with your correspondent in considering it "nothing more "than a mere conjecture to attribute any "variation in the rates of exchange to a de

It

preciated currency." On the other hand, I am, so far as I have been able to form an opinion, very much inclined to think, that variation in currency is the sole cause of variation in the rates of exchange; I even go so far as to feel quite sure, that the balance of trade only affects exchange in proportion as it in the first instance affects the currency. For what other is the operation of a favourable balance of trade but to make current coia plenty and cheap, or of an unfavour

able balance but to make it scarce and dear. If, then, we suppose specie in circulation, and the term of the balance of trade, to mean a balance of all accounts of a pecuniary nature, how weak and of how little avail most any conclusion on this subject be, which is inferred under a supposition, that not only a depreciation of currency, and a balance of trade, but also several other circumstances are to be calculated upon as causes of variations in the rates of exchange.

I cannot enforce what I wish to establish in any manner more to the point than by following your example, in quoting from Mr. Parnell's work on the subject of Irish exchange. The manner in which he has sifted the doc rine of exchange appears to be the most useful, because it is a clear and correct statement of a scientific proposition, and leads the mind to an easy comprehension of the subject, without permitting its exertion to be diffused on the extraneous matter with which the doctrine of exchange has usually been embarrassed. The definition of exchange is, in my opinion, so novel, and bears so immediately on the part of your correspondent's letter alluded to, that I think it may be of service in preventing the evils that must ensue from erroneous sentiments and measures concerning a subject at this moment of such infinite importance. The par of exchange between "different countries is the comparison of "the value of their respective currencies; "when these currencies are of permanent "value, a permanent per-centage will ex

66

press the par of their mutual exchange "of currency Thus, whilst guineas were "the standard of the value of English and "Irish currencies, the fixed and acknow"ledged par of exchange was 8, being the

"introduced in its place of a value less than that of the currency of specie by 10 per "cent., it is equally evident the par of exchange with England would be 183*. As specie has actually disappeared, and as also a currency of paper supplies its place, "of an inferior value by 10 per cent., it is clearly erroneous now to say, if the "exchange of Dublin on London is 16 per cent, that it is 8 per cent. above par; the fact is, it is 2 per cent. below par, and it is also a fact, that an exchange of 16 per ceut. is a proof of a balance of trade and remittances in favour of Ireland. The state and variations therefore of currencies are in this case and often the principal agents in producing variations in exchange; and where the variations are very great, unusual, and after some time cease, leaving exchange very diffe rent to what it generally had been, it is "then certain that some great alteration in

currency has happened. In the reign of "King William, before the reformation of "the silver coin, the exchange between

England and Holland was 25 per cent. "against England; but the value of the "current coin was at that time rather more than 25 per cent. below its standard value. Before the reformation of gold in 1772, the market price of bullion ex"ceeded the mint price, and the rate of "foreign exchange was depressed, even the "exchange with France was 2 or 3 per

cent. against England. It is understood that at that time the French coin, though "worn, was not so degraded as the English,

and was perhaps 2 or 3 per cent, nearer "its standard. Very soon after the recoin"age in 1772, the market price of bullion "fell to the mint price, and there was a "corresponding improvement in the course "of the exchange f; in consequence of the depreciation of French assignats, the ex"change between London and Paris fell 70 per cent. to the disadvantage of the latter place." Here then, Sir, is not only strict logic, but authenticated facts to disprove the doctrine of your correspondent; and evidence of the real cause of variations in exchange, which should open the eyes of ministers and of the empire to the baneful operation of the restriction of cash payments, and which points out the manner of remedying the evils which have attended it,

I have the honour to be, &c. T. T.-Dublin, 25 Aug. 1804.

Guineas bear a premium of 10 per cent; this is the rate at which they are now selling at Mr. Frank's office in Suffolk-street, Dublin..

† Wealth of Nations, I. 62. II. 215.

MIDDLESEX ELECTION.

STR,I observe by a quotation from Mr. Thornton's speech, in your pa per of Saturday last, (p. 380), that Mr. Thornton has misled you, and misrepre sented me. When he mentions my name as an agent for Sir Francis Burdett, Mr. Thornton calls me the Secretary of the Corresponding Society. The political sins of 1794 were sifted to the very dregs, in the trials of Mr. Horne Tooke and the other persons acquitted of high treason: my concern in the transactions of that day was completely laid open to the public. Those trials were too important to the ministers who were the prosecutors, not to have been read by Mr. Thornton, a member of parliament, and a zealous supporter of their measures. Mr. Thornton, therefore, must have known, that I was not Secretary of the Corresponding Society; that I was not even a member of the Corresponding Society; and, that I was secretary of no political society whatever. My offence against the administration (for it was proved to be no offence against the law) was being a member of the Society for Con stitutional Information, of which the Duke of Richmond and many other persons of the first rank and talents in this country had been also members; and of the proceedings of which Society, Lord Chief Justice Eyre, said, they wore a very different aspect from that imputed to them by the prosecution, when they came to be read with the key furnished by Mr. Horne Tooke's cross examination of the secretary of that society, the witness for the Crown. -I do not trouble you with this, letter from any personal feelings of my own. Mr. Thornton's praise and censure are alike indifferent to me. But, when falsehood and misrepresentation are used, under the cant of loyalty, with a view to destroy the character of an honourable and illustrious patriot, and through him to attack the liberties of my country, I feel that it would have been criminal to have remained silent.I am, Sir, your obedient, humble servant, JOHN AUGUSTUS BONNEY, Gray's Inn, Sept. 13, 1804.

PUBLIC PAPERS. Decree of the Council of State at l'ienna. . Dated Vienna, 11th August, 1804.

His Royal, Imperial, Apostolic Majesty arrived in this city on the 10th inst. from Ba den, to assist at an extraordinary conference of state, at which were present his Royal Highness the Archduke Charles, the Archduke Palatine of Hungary, the Chancellor of Hungary, that of Bohemia and Austria, that of Transilvania, the Tavernicus of Hungary,

and the President of the Chamber of Fi nances and of the Bank. In consequence of the supreme determination which has been declared in this Council of State, the following patent is published:

PATENT.-We, Francis II, by the Grace of God, elected Emperor of the Romans, always August, King of Germany, of Hungary, and Bohemia, of Gallicia, Lodomeria, &c. Archduke of Austria, Duke of Burgundy and Lorraine, Grand Duke of Tuscany, &c. Though we have already attained by &c.Though the Divine will, and by the choice of the Electors of the Roman and Germanic Empire, to a dignity which leaves no room to desire any augmentation of titles and consideration; it is however, our duty in our quaJity of Chief of the Austrian House and Monarchy to provide for the maintenance and preservation of that equality of hereditary titles and dignities with the first Sovereigns and Powers of Europe, which belongs to the Sovereigns of Austria, both on account of the ancient lustre of their House, and in regard to the extent and population of their estates, comprehending independent kingdoms and principalities, so considerable, and which have been secured to them by possession, agreeably to the right of nations, and by treaties. To establish, in a durable manner, this perfect equality of rank, we have determined, and think ourselves authorised, after the example which has been given us in the preceding century by the Imperial Court of Russia, and that which is now given to us by the new Sovereign of France, to confer also on the House of Austria, as far as relates to its independent states, the hereditary title of Eniperor. We have therefore resolved, after mature reflection, solemnly to assume and to establish, for us and for our successors, in the unalterable possession of our independent kingdoms and states, the title and dignity of Hereditary Emperor of Austria (as the denomination of our House), in such a manner that all our kingdoms, principalities, and provinces, shall invariably retain the titles, constitutions, prerogatives, and relations which they have hitherto enjoyed.——— According to this supreme decision and declaration, we decree and enact :-I. That immediately after our title of Elected Emperor of the Romans, shall be inserted that of Hereditary Emperor of Austria, after which shall follow our other titles of King of Germany, Bohemia, Hungary, &c then those of Archduke of Austria, Duke of Styria, &c. and those of the other hereditary countries. But as since our accession to the throne, there have successively taken place, in the possessions of our House, several changes, which

have been confirmed by solemn treaties, we at the same time make known the undermentioned titles, newly regulated according to the present state of things, and our will is, that they be introduced and employed in future. II. The title of Imperial Prince and of Imperial Princess, shall be given and conferred with that of Archduke and Archduchess, as well as of Royal Highness, to our descendants of both sexes, and to those of our successors in the sovereignty of the House of Austria. III. As all our kingdoms and other possessions must retain, without restriction, their present denominations and relations, this is understood in particular of our kingdom of Hungary, and of the countries which are united to it, and also of such of our hereditary states as have hitherto been in immediate relation with the Germanic Empire, which ought in future to preserve the same relations with it agreeably to the privileges granted to our House by the Em perors our predecessors. IV. We reserve to ourselves the right of determining hereafter the solemnities which shall take place at our Coronation, and that of our successors as Hereditary Emperor. Those, however, which were practised at our Coronation, and at that of our predecessors, as King of Hungary and Bohemia, shall continue to subsist in future without any change. V. This declaration and ordinance shall be published and carried into execution throughout all our hereditary kingdoms and states, without delay, and in the accustomed forms. We have no doubt that all our states and subjects will receive with gratitude and patriotic interest this disposition, the object of which is to maintain the consideration of the Austrian Monarchy.

GRAND TITLE,--We,. Francis II. by the Grace of God, elected Emperor of the Romans, always August, Hereditary Empe ror of Austria, King of Germany, Jerusalem, Hungary, Bohemia, Dalmatia, Croatia, Sclavonia, Gallicia, Lodomeria; Archduke of Austria; Duke of Lorraine, Venice, Salzbourg, Styria, Carinthia and Carniola; Grand Duke of Transylvania; Margrave of Moravia; Duke of Wurtemberg, Upper and Lower Silesia, Parma, Placentia, Guastalla, Auschwitz and Zator, Teschen, Friouli and Zara; Prince of Suabia, Eichstadt, Passau, Trent, Brixen, Berchtolsgaden and Lindau, Princely Count of Habsbourg, Tyrol, Ry bourg, Goricia and Gradiska; Margrave of Burgau, Upper and Lower Lusatia; Landgrave of the Brisgau, Ortenau and Nullenbourg: Count of Monsfort and Hobenems, of Upper and Lower Hohenberg, Bregentz, Sonnenberg and Rothenfels, Bluemeneck,

and Hofen; Lord of the March of Esclavonia, Verona, Vicenza and Padua, &c.

MEAN TITLE.We, Francis II. by the Grace of God, elected Emperor of the Romans, always august, Hereditary Emperor of Austria; King of Germany, Hungary, Bohemia, Dalmatia, Croatia, Esclavonia, Gallicia, Lodomeria, and Jerusalem; Archduke of Austria, Duke of Lorraine, Venice and Salzbourg; Grand Duke of Transylvania; Duke of Styria, Carinthia and Carniola; Wurtemberg, Upper and Lower Silesia; Princely, Count of Hasburg, Tyrol, &c.

Note on the part of the King of Sweden communicated to the Diet; dated du gust 26, 1804.

In consequence of the note given in to the Diet of the Empire on the 25th inst. by the Envoys for the Electorate of Bohemia and Archduchy of Austria, relative to the Austrian Imperial title, the undersigned Envoy from his Swedish Majesty finds himself obliged to declare-That his Majesty the King of Sweden participates, with the most sincere satisfaction in every thing which can tend to promote the interest or gratifications of his Imperial House, yet bis Swedish Majesty, both in quality of guarantee of the constitution of the Empire, and in that of a State of the Empire, cannot but consider the ob

Note presented to the Diet of Ratisbon on the 24th August, 1804, by the Imperial Envoys, accompanied by the Imperial Patent already published, containing the grand, ordinary, and abridged titles of bis Majesty the Emperor.

The Envoys for the Electorate of Bohemia, and the Archduchy of Austria, have received from their Sovereign, the annexed printed pragmatic ordinance, by which his Imperial and Royal Majesty, as Sovereign of the Austrian Monarchy, after the example of France, and for the reasons therein contained. has resolved to assume the heredita y Imperial title. The undersigned Envoys have not delayed to communicate this ordinance to the General Diet of the Empire, and as his Majesty has already addressed letters of notification to his several co estates, it is not to be doubted that his communication will be received with the most frie dly regard. As this new hereditary dignity, according to the express contents of the pragmatic ordinance, will produce no alteration whatever in the relation between the German hereditary States and the Roman Empire; the undersigned envoys for the Electorate of Bohemia, and Archduchy of Austria, have it particularly in charge, explicitly to declare that no change will be hereby produced in any other political relations and connexions, but that his Majesty will, with redoubled attention, continue to preserve, unimpaired, the friendly and benevolent sentiments which he has constantly most assiduously cherished towards all his co-estates of the Empire,

FRIDERIC COUNT DE STADION. EGID JOSEPH CHARLES DE FAHNENDERG.

ed with the composition of the German Empire, that it is not to be laid before the Diet merely as a notification, but as a subject for deliberation, in the discussion of which all the members of the Diet may express their opinions as authorised by the Constitution→ KNUT BILDT.-Ratisbon, August 26,

1804.

SUMMARY OF POLITICS.

RUSSIA AND SWEDEN appear to have resolved on war with France, and we shall probably soon be informed of the grounds upon which they mean to justify that resolu tion in the eyes of their subjects and of the world. world. Indeed, if they intend sincerely and heartily to act upon the principle stated in the demi official paper that will be found in another part of the present number of the Register; if they mean to make war against Puonaparté as the oppressor of Europe; if their object really be to protect weak states against the dictation, the encroachments, and tyranny of the strong; if such be their views, their resolution to make war will need no justification; their cause is the cause of justice itself. It were, however, to be wished, that, amongst the oppressed princes, for whom they are about to draw the sword and to fight side by side with Mr. Pitt; it were to be wished, that, amongst these il lustrious and unfortunate persons, they had not included Louis XVIII. King of France and Navarre. Disguise the matter how we may, the cau-e of Louis XVIII. is the tuchstone whereby to try the principles of those, who profess to go to war for the deliverance of Europe. If they openly and ex, licidy espouse that cause, they must be regarded as sincere in their professions, and, of course, as disinterested in their views; that is to say, as having no immediate interest, no selfish purpose in view; but, if they

blink that cause, if they avoid any explicit declaration upon the subject, if they make such a declaration a contingency in the war, and, in the mean-time, make a tool of the unfortunate monarch; in short, if they make the war a war of "existing circumstances," they will make another....no, not another peace of Amiens, for their terms will not be nearly so good. This was the original sin of the last war. The minister consulted the money changers instead of consulting with statesmen: a nest of greedy speculators and contractors formed his council of war like operations: his writers vilified Mr. Burke, because he was for a war without immediate gain and with permanent security. Europe can have no hope, that Mr. Pitt will join heartily in a war for its deliverance, even if he had the means. The declarations of himself and Lord Hawkesbury, in defending the peace of Amiens, that "the object of the 66 war was not the restoration of the House "of Bourbon," will, and ought to be, long remembered by the nations of Europe. And yet, even after that declaration, some of us have the modesty to demand gratitude at the hands of the royalists of France!--In what part Russia is to make an attack upon France is a question which it would be difficult to determine. In Italy? How is a Russian army, of force sufficient to meet even a detachment of French, to reach Italy, except through the dominions of states dependent upon, or friendly to, France? In Holstein? Will Denmark permit that? And, if it does, how long will it be before Copenhagen is laid under contribution? The season for a campaign, especially for a Russian campaign, is now past: nothing will be done this year; and, it is more than probable, that we shall see one more new loan and one more budget of new taxes long before a shot will have been fired between Russia and France. -Some suppose, that Mr. Pitt has stipulated with Russia for the deliverance of Hanover for a certain sum. It is an odd idea enough that the minister should absolutely make a contract for killing or beating the enemy. There is great fear, however, that such contract, if it has been made, will not be performed. To clear Hanover of the French requires not only the permission but the assistance of Prussia, unless a powerful diversion could be made elsewhere, a diversion so pressing as to compel France to withdraw her army from Hanover, and this could scarcely happen without a successful attempt upon Holland or the Netherlands.

-As to

efficient aid, therefore, England has but little to expect from the alliance which is said to be formed with Russia. Yet, this alliance

may lead to others; Mr. Pitt may possibly so act as to regain the confidence of the powers of the Continent; if he does, and if he makes an honourable peace, a peace that shall give us a fair prospect of security against the enemy, and that shall not be purchased with any new sacrifices of national honour; if Mr Pitt does this, then will he merit the applause of his country; but, if he fail in any part of it, be his the responsibi lity, for he has at his command all our persons and all our property; every thing is given up to him and his projects; nothing is retained, and, if there were no responsibility for failure, no real responsibility, we should be the most slavish race that ever the sun shone upon.

PLOT AT WARSAW.-The account of this plot, which will be brought to a conclusion in the next sheet, is a faithful abridgment of the official documents, published by Mr. Peltier in his AMBIGU.--There is much reason to suspect the truth of Coulon's relation. Indeed some of the circumstances are quite incredible; and, upon an impartial consideration of the whole matter, one is constrained to believe, that the persons near the unfortunate Louis have been imposed upon by a sharper, who wished to extract a sum of money from them, and who, for that purpose, seems very anxious to introduce, upon every occasion, a description of his po verty. That the persons in the suite of Louis XVIII. should be easily imposed upon will appear surprising to no one who reflects but for a moment on the situation of themselves and their royal master, a situation from which suspicion must be inseparable, especially when the character and means of their enemy are taken into the view.-One reason, however, for discrediting the reality. of the plot, is, that it is not easy to see what benefit Buonaparté could promise himself from it. In the Moniteur itself the protest of the King of France was first inserted, proof quite sufficient of the contempt, in which the new Emperor and his counsellors held any efforts that the King might be able to make, and a proof, too, that they feared not that the people of France were entirely weaned from the family of their ancient sovereigns. In this persuasion they might err, but the fact of their entertaining it strongly tends to convince us, that they would regard the assassination of Louis as an object far too trifling to be balanced against the effect of that universal horror which the deed must excite. The truth is, I fear, Napoleon is firmly fixed in his throne, if not in the hearts of the French 'nation, whose ruling passion is a love of the glory of