Mr. Capel Loffi on the Solar Spots. 



410 



taken notes which have been refused as 

 bad to the same banker the followhig 

 week, when they have been received ; 

 therclore I iiave a right to conclude that 

 tlicy know no more upon the subject 

 than myself, and that the general rea- 

 son for their turning out one or more 

 Jiank of England notes was to promote 

 tiie circulation of their own. 



I am awaie it may be said, that, if they 

 issued notes payable in London, they 

 would soon be presented there for pay- 

 ment ; but, admitting this, it will argue 

 very little, for, before the country banker 

 pays them away, he receives value for 

 them (or ought to do), and he takes care 

 to charge double tiie commission that he 

 pays the banker in London; therefore lie 

 would be still a gainer. 



Some bankers however (much to their 

 credit) make all their notes payable in 

 Loudon ; while others, to their shame, 

 issue none in this way: look at Hull, 

 York, and most parts of the north, and 

 you will find all their one, five, and ten 

 pound notes only payable at the towns 

 fiom whence they are issued ; and 1 

 would remark, by the way, that, now 

 gold and silver is getting more plentiful, 

 iio banker ought to issue any note for 

 less than five p'onnds ; for, as long as they 

 <io, there will be very little gold in circii- 

 lalion. Suppose, for instance, somepcr- 

 soiis come to a country town and lay 

 out ten thousand guhieas; these will soon 

 find their way into the banks; and the 

 proprietors at once say, " "We will not 

 issue these again, or there will be that 

 amount the less of our notes in circula- 

 tion;" and they arc accordingly disposed 

 of anotiiir way, probably sent direct to 

 London. Much miglit be added upon 

 thisimpoitaiit part of the subject; but I 

 wisli to ofl'er a few remarks respecting 

 bankers not allowing interest for money 

 deposited in their hands. In London 

 tliis is never done, but in the country 

 tour or five percent, discount is allowed; 

 in consequence of this, bankers are the 

 only borrov. crs and lenders in the coun- 

 try ; there is absolutely no money lo be 

 advanced upon note, bond, or mortgage, 

 except from bankers, which is always 

 highly to the disadvantage of the one 

 who borrows. If a jierson should borrow 

 money from his neighbour uixtn such se- 

 curity, the lender can only charge five 

 per cent. ; but, when a banker lends mo- 

 ney, he contrives to obtain i<even or eight 

 per 'cent, by balancing his customers 

 book four tiines in the year, c'largiiig a 

 Miurolssiiou cttcU tiii»e apoo the haJwipe, 



[Dec. 1, 



&c. Again, in sonic degree, this praer 

 tice injures the revenue, for, wlien per- 

 sons borrow money upon a bond, or 

 other security, stamps arc necessary ;, 

 but bankers are exempt from this duty, 

 if the amount should be 10,0001. ; for h« 

 may hold the privilege of a two-penny 

 register to record these weighty trans* 

 actions. 



If bankers were not sufl'ered to allow 

 interest upon money lodged in their, 

 liands, persons who had money to lend 

 would seek good security among their 

 own friends; money would be much- 

 more plentiful, and the country would 

 not be so dependent upon bankers. 

 Whatever tends to lessen their iiiflnenc© 

 must unquestionably be considered a- 

 great public betiefit. 



Oct. ]. 



J. S. 



For the Montlily Magazine. 



On PARLIAMENTARY REFOUM, ai // COH- 



cei-nsthe PROPORTION o/' Ireland and 



SCOTLAND. 



IN my letter on Parliamentary Re- 

 form, in your last published number, 

 the concluding sentence should have 

 stood thus. 



Ireland would be nearer to her tiu« 

 proportion if, for 600 representatives for 

 this island, she had 120, making in tho 

 whole 720 ; her population being at least 

 one-fifth of our's, and probably more: 

 if one-fourth, slie ought to Lave 150 

 representatives. 



Scotland could not fail of her propor* 

 tion, by taking the same elective basis 

 there as in England; but, if that would 

 give lier less than 4o (which I do not 

 believe), she siiould at all events hav» 

 that number, as secui-cd at the Union: 

 but I believe it would be at least 50. 

 Indeed, when tlic hundred Irish mem- 

 bers were added, Jier representation 

 ought then to liave been encreased in 

 proportion. 



Solar Spots. 



On the subject of (he Solar Spots I 

 wish to be uuderslood : I did not so fre- 

 quently intro<luce observations on thera 

 for the sake of representing them as th« 

 causes of tiiis most singular year ; pro- 

 bably those causes are to bo found, verj" 

 principally, in ottr earth itself. All 

 sound philosophy is an induction from 

 facts well ascertained, sulucioHtly nume- 

 rous, circumstantiated with exactness^ 

 wefl compared and considered. 



]My object was to promote assiduoua 



ohser vatigu ; by « Iiich, what these Spot* 



are, auU Low tamji distinct Kinds ani^ 



, specits' 



