old ideas; but the EFFECTS, good and bad, here arranged, in opposition to each other, are visible to every eye; the advantages are recognized; the evils are felt. On these circumstances we are competent to reason.1

IT

1792.

T may afford the reader some satisfaction to note a few circumstances of the state of France at the opening of 1792, which I draw from the correspondence of some friends, on whose accuracy I can rely.

Agriculture. Small proprietors, who farm their own lands, are in a very improved and easy situation: renters are proportionally so, to the degree in which their landlords have not been able to acquire in new rents, the payments from which the land has been freed. Owners of meadows, woods, and a variety of articles for which no tythe was paid before, gain much less than others whose property used to be subject to that burthen. In regard to the payment of rent, there is a distinction between the north and south of

lions, when great wealth, vast cities, a rapid circulation, and, by consequence, immense private fortunes are formed, will such spectacles be found? Will their government then be as faultless as it appears at present? It may. Probably it will still be found excellent; but we have no convictions, no proof; it is in the womb of time-THE EXPERIMENT IS NOT MADE. Such remarks, however, ought always to be accompanied with the admission, that the British government has been experimented.-With what result?-Let a debt of 240 millions-let seven wars-let Bengal and Gibraltar-let 30 millions sterling of national burthens, taxes, rates, tythes, and monopolies-let these answer. 1 The gross abuse which has been thrown on the French nation, and particularly on their assemblies, in certain pamphlets, and without interruption, in several of our newspapers, ought to be deprecated by every man who feels for the future interests of this country. It is in some instances carried to so scandalous an excess, that we must necessarily give extreme disgust to thousands of people, who may hereafter have an ample opportunity to vote and act under the influence of impressions unfavourable towards a country, that, unprovoked, has loaded them with so much contumely; for a nation groaning under a debt of 240 millions, that deadens the very idea of future energy, this seems, to use the mildest language, to be at least very imprudent.

of the Loire; in the former, rents continue to be paid; but to the south, many landlords have been unable to receive a penny; and here a difference is observable; absentees, who were not beloved, or whose agents are disliked, are in an ill situation; but others, who reside, or who, though absent, are beloved, are paid proportionally to the ability of the métayer, which species of tenant is chiefly found south of the Loire. The last crop (of 1791), is said to have been short; in a good year, in Picardy, 40 sheaves gave a septier of wheat, of 240 lb.; but now it takes 50 to 60. This circumstance, however, cannot be general, as the price plainly proves; for January 7th 1792, price at Paris of wheat was 22 to 28 liv. with assignats at 36 per cent. discount, a remarkable proof, that the most depreciated paper currency will answer every purpose for objects of physical necessity, and daily consumption. The discount on this paper, is greater than ever was foretold by those who predicted an enormous rise of all the necessaries of life; a proof how new the science of politics is, and how little able the most ingenious men are to foretell the effects of any specified event. The sale of the national estates has been of late very slow, which is a strange circumstance, since the rapidity of their transfer ought to have been proportioned to the discount upon assignats, for an obvious reason; for, while land is to be acquired with money, the more depreciated paper is, the greater the benefit to the purchaser. While the sale of the estates lasted with any degree of briskness, the common price, of such as have come to my knowledge, was 20 to 30, and even more years purchase; at which rate the advantages attending investments may be great.

Commerce and Manufactures.—The result of the vast discount upon assignats has, in relation to the national industry, been almost contrary to what many persons, not ill informed, expected. Early in the confusion of the revolution, nothing suffered so severely as manufactures; but I am now (1792) informed, that there is much more motion and employment in them than some time past, when the general aspect of affairs was less alarming. The very circumstance which, according to common ideas, should have continued their depression, has most unaccountably re

vived them in some measure; I mean the depreciation of the assignats. Paper currency has been at so low a pitch, that every species of goods has been preferred in payments; master manufacturers paying their workmen, &c. in assignats, by which bread is purchased at a price proportioned to the crop, can sell the product of that labour to such an advantage, as to create demand enough to animate their business: a most curious political combination, which seems to shew, that in circumstances where evils are of the most alarming tendency, there is a re-action, an undercurrent, that works against the apparent tide, and brings relief, even from the very nature of the misfortune. Combine this with the point of depression of England, in all her wars, as explained with such talents by the ingenious Mr. Chalmers, and something of a similarity will strike the reflecting reader. The loss by the depression of assignats has not been by any interior transactions, but by those with foreign powers. In consequence of it, the course of exchange rose at last so high, that the loss to the kingdom has been great, but by no means so great as some have imagined, who supposed the intercourse to be moving in the same ratio as in preceding periods. But this is no light error: the evil of exchange, like all other political evils, corrects itself; when it is very much against a people, they necessarily lessen their consumption of foreign commodities; and on the contrary, foreign nations consume theirs very freely, because so easily paid for. Through the month of January 1792, the course of exchange between us and Paris, has been about 18 on an average; reckoning the par at 30 (which, however, is not exact), here is 40 per cent. against France; deduct 36 for the discount on assignats, and this apparent enormity of evil is reduced to 4 per cent. Through the month of January 1791, the course was 25; this was 15 per cent. disadvantage and deducting 5 for the discount on assignats, the real disadvantage was 10. Thus the exchange in January, 1792 is 6 per cent. more favourable to France than in 1791; a remark, however, which must not be extended to any other case, and touches not on the internal mischiefs of a depreciated currency. It seems to shew, that the evils of their situation, so little understood by the generality of people here, are correcting

themselves, relative to foreigners, through the operation of the causes I have mentioned. It is at the same time to be remarked, that while the price of corn, and other things, in which there is no competition by foreigners, rises merely on account of a scarcity, real or apprehensive; at the same time, every thing bought by foreigners, or which can be bought by them, has risen greatly; for instance, the cloth of Abbeville, a French commodity, has risen from 30 liv. to 42 liv. the aulne; and copper, a foreign commodity, has increased, it is asserted, in the petition of the Norman manufactures to the National Assembly, 70 per cent. Such a fabric may suffer; but if their pins fell proportionably with other things, the evil, it must be admitted, tends to correct itself.

Finances. The prominent feature is the immensity of the debt which, increases every hour. That which bears interest, may be about 5,000,000,000 liv.; and assignats, or the debt not bearing interest, may be grossly estimated at 1,500,000,000 liv.; in all 6,500,000,000 liv. or 284,375,0001. sterling: a debt of such enormity, that nothing but the most regular, and well paid revenue, could enable the kingdom to support it. The annual deficit may be reckoned about 250,000,000 liv. at present, but improveable by a better collection of the revenue. The following is the account for the month of February 1792.

I am afraid that any attempt to support such infinite burthens, must continue to deluge the kingdom with paper, till, like Congress dollars in America, circulation ceases altogether. There seems to be no remedy but a bankruptcy, which is the best, easiest, and most beneficial measure to the nation, that can be embraced; it is also the

most just and the most honourable; all shifting expedients are, in fact, more mischievous to the people, and yet leave government as deeply involved, as if no recourse had been made to them. If the milice bourgeoise of Paris is so interested in the funds, as to render this too dangerous, there does not appear to be any other rule of conduct, than one great and last appeal to the nation, declaring, that they must either DESTROY PUBLIC CREDIT, OR BE DESTROYED BY IT. If the National Assembly have not virtue and courage enough thus to extricate France, she must at all events, remain, however free, in a state of political debility.

The impossibility of levying the economistes, land-tax, is found in France to be as great in practice as the principles of it were absurd in theory. I am informed (February 1792), that the confusion arising from this cause, in almost every part of the kingdom, is great. The tax of 300 millions, laid on the rental of France, would not be more than 2s. 6d. in the pound; too great a burthen on just political principles, but not a very oppressive one had it been once fairly assessed, and never afterwards varied. But, by pursuing the jargon of the produit net, and making it variable, instead of fixed, every species of inconvenience and uncertainty has arisen. The assembly divided the total among the departments; the departments the quotas among the districts; the districts among the municipalities; and the municipalities assembled for the assessment of individuals: the same decree that fixed the tax at 300 millions, limited it also not to exceed one-fifth of the produit net; every man had therefore a power to reject any assessment that exceeded that proportion; the consequence was, the total assigned to the municipalities, was scarcely any where to be found, but upon large farms, let at a money-rent in the north of France; among the small proprietors of a few acres, which spread over so large a part of the kingdom, they all screened themselves under definitions, of what the produit net meant; and the result was, that the month of December, which ought to have produced 40 millions, really produced but 14. So practicable has this visionary nonsense of the produit net proved, under the dispensations of a mere democracy, though act