59^^ Rdrofpell of Domejitc Literature. — Political Economy, l^ci 



our numifmatic antiquaries the account of 

 the gold pennies of Henry III., at p. 38, 

 will bear a higli degree of interefV. After 

 a ftateii^ent of the difFerent alteraiicns, the 

 motives are indudrioufly canvalfed which 

 appear to have influenced the minifters 

 by whole advice they were made, and the 

 fovereigns by whole connnands they were 

 executed ; finally oblerving tliat the Go- 

 vernment of England has in general com- 

 mitted fewer eirors in regulating ihcir 

 coins than that of any other couiury of 

 Europe. The debafernents of the coins 

 of this kingdom have been lefs freqitent 

 and in a lefs degree. Thefe diflerent 

 ftaiements, however, form but the ground, 

 woik of the treaiiie. Having fhjwn the 

 rarioiis errors ci^mmitled by our anceliors, 

 and the ill conlequencesthit refulted from 

 them. Lord Liverpool proceeds with feve- 

 ral cjV;uUtions 10 which it feem^d necef- 

 lary to refort ; and having revericd to the 

 principles of coinage ftaied in an early 

 ponion of the letter, propofcs the e(f ablifti- 

 rnent of a more perleit monetary fyftem in 

 future; endeavouring 10 prove, Fii 11^, 

 Thai the coins, which are to be the prin- 

 cipal mrafure of property, ought to be 

 made of one metal only. Secondly, of 

 what nieial the coins of this kingdom, 

 which are to he the principal mealure of 

 property, ought to be made. And, 

 Thiroly, upon wt.at principle* the coir.s 

 of ihe other metals ought to be made. 

 Illuftiating the whole by the fails which 

 liad been related in the hiflory alicady 

 mentioned. The rel'ult of this lull conti- 

 deration of fo exienfive, abftrufe, and in- 

 tricate a fubjedt, is too copious to be ad- 

 miitrd here. It is obfcrveJ by Lord Li- 

 verpool, that in a country like Great-Bri- 

 tain, fo diltinguirtitd for its alRuence, ard 

 for the extent of its commercial connec- 

 tions, the gold coins are the btft .luaptcd 

 to be the piincipal meaUire of property ; 

 that they (hould be ma<!e is perteft, and 

 be kept as perfcft as p'dlible ; and that 

 even the charge of fabrication lliould not 

 be talttn fr> m them. That where the 

 funiSion of the gold-coins as a meafure of 

 proptrty ctalts, there that of the filver 

 fljould begin i and that where the func- 

 ti"n of the lilver coins in this refpecf 

 ccales, iheie tli.it of the copper fhoiild be- 

 gin ; and that from thefe inlcrior coins the 

 charge of workmanfliip may he vtrv fairly 

 taken. The ch.irge of c(>ining filvcr be- 

 ing mtich greater than that ol gold ; in- 

 deed fo great, that the public ought not 

 to beai it, unlefs it can be fliewn that 

 fonie great public advantage wOuid be de- 

 rircd iium it. Tbe new ijfftcm of cuin- 



age propofcd by his Lorddiip is too long 

 to be en;ered into minutely here. It is 

 perhaps lufficient to fay, thit a •fylfem 

 confonantin its principles in a certain de- 

 gree, exirts at the prefent moin^nt. The 

 exportation of coins in payment of com- 

 mercial balances is another objeff of con- 

 cern ; and the principal evils of the lower 

 fori of paper currfency by country-bankers 

 are pointed out with conliderable judg- 

 ment. ♦' The (late of the paper currency 

 of this country (he obferves), in its man- 

 ner and extent tjken together, is without 

 an example in I he hiftory if mankind." 

 We have received great plealiire from the 

 perufai of the tieatiCe, aid recommend it 

 with confidence to the beft attention of 

 our readers. 



Mr. Huntkr's " Sketch of the Politi- 

 cal State of Europe at the Beginning of Fe- 

 bruary I So 5," contains many I'enfible and 

 vjfeiul iibli^rvations. He juftifies our re- 

 newal of the war with Bonaparte. 



But a work of higher intereft is the 

 " Obfervations ea the Prefent State of the 

 Highlands of Scotland \ ivith a Vic'iv of 

 the Caufes and probable Canfequences of 

 Emigration," by the Earl of Selkirk. 

 I'he overthrow of the military fyftem 

 which prevailed in the highlands previous 

 to the rebellion of 1745, gave rife to a re- 

 volution in that of landed property. The 

 chieftains of the country ceafed to be pet- 

 ty monarchs ; and 'as their attachment to 

 their lubordinate dependants wore away, 

 their luccefTors thought lefs of the perld- 

 nal fcrvice their tenantry might afford 

 them, thin of tl-.e better advantage to 

 which th=y might tura the produce of their 

 eftates. During the operation of a change 

 which has nojv become fo general in the 

 highlands, much individual dilbefs muft 

 have been luffered 5 and means of liveli- 

 hood totally different to their former de- 

 pendance, fought for by thofe to whom 

 the new fyllem is found moft injurious. 

 Taey who remove from their native ipot. 

 Lord Selkirk obferves, have but two pro- 

 fpe6ls to make choice of, the wages of 

 manufailure in the low-country of Scot- 

 land, or the acquifition of land in abfolute 

 property in America : of which the lat- 

 ter is by far the belt fuifed to the habits 

 and inclinations of the Highlanders. For 

 this, and other reafons of a ftronger kind, 

 emigration forms a necelfary put of the 

 general chinge ; and it appeal s to be 

 Lord Selkirk's motive in tiiis valuable 

 woik to dirc£l the attention ot the Legif- 

 la:urc toward (iicuring the emigrants to 

 our own colonics ; hitherto, in their eini. 

 grations they have been abandoned to 

 theinfcivcs } 



