406 



E/uci dill ions of Portions of EngUJi Histori/. 



[July U 



This liypothcm will be proved by the 

 lollovviiig staleiiR'iit of tlic gain on the 

 abovcioaii. Messrs. 13. A.Goldsclimidt 

 and Co. and ¥■ A. tlaldinuind and 

 Sons, in London, Lave contracted with 

 the Diuiish g;overnin('nt to fnrnisli 70/. 

 rcudy money for each 100/. stock or 

 bond, l>caring' an interest ot" 5 per 

 cent, so lliat Denmark pays 7^ per 

 cent, for the cash really received. 

 Now th.e al)ove-mcntioaed unthinking 

 j)ahlic, carried away by tiie increasing 

 rage lor inveslmenls in |)ublic fnnds, 

 anil considerin;;- an interest of G^ per 

 cenl. as sonietliin^ very advantageous, 

 entrained by the great nionied names 

 vi' the contractors, bought these secu- 

 rities at 78/. to SO/, per cent. ; and the 

 said contractors for tlie loan, — viz. 

 llamhro and Son in Copenhagen, B. 

 A. Goldsclnnidt and Co. and F. A. 

 Haldimand and Sons, in London, — 

 gain inunediately more tiian three mil- 

 lions itiarhs banco. 



Now, -whether the purchasers of 

 these funds at 80/. ivill /inally be the 

 g-aiuers, is another question. At all 

 events, I doubt whether they know that 

 tlie Danisli national debt during the 

 late war increased from ;M millions of 

 dollars (in 1800) to 12G millions (in 

 1SI7); tliat tlie security for this loan 

 on the revenues of the West India 

 Islands, and of the Sound Dues, does 

 not even furnish the interest, much 

 less a security for the capital. The 

 clear yearly revenues of the West In- 

 dia Islands are 730,000 viurhs bunco, 

 and of the *Somid Dues circa 1,000,000 

 muvJis banco; and, as to the further se- 

 curity of mortgages on the \Vest India 

 I)lantntions, these are long since con- 

 sidered as a lost debt by the Danish 

 government. 



Notwithstanding all this, the sliort- 

 siglitcdness of cai.ilalisls, and, what is 

 worse, that of the ntcrciiants, in specu- 

 lating in government .securities, is so 

 prevalent, tliat the most intangible, 

 worthless pledges,— if offered under 

 t!ie protection of a rich name, — form a 

 siiiiicicnt excuse for withdrawing ca- 

 pital from trade, and sacrificing it at 

 the faro bank of governnicut funds. 

 'I'hus, according to the tcnijicrof the 

 liinrs, the possibility, however impro- 

 bable, of becoming suddenly rich, by 

 an easy conveyance of capital, is the 

 temptation held out to the adventurous 

 speculator. 



* Have alic.iily fallca 

 near half a s'lilliiiu. 



sliort in 1R2'' 



Here is the real cause for complaint 

 of stagnation in trade. It would carry 

 me too far to go into the details, in 

 proof of my assertion. It is clear that 

 capital is the sinewof commerce ; and 

 the latter cannot thrive when the for- 

 mer is withdrawn. In lieu of pur- 

 chasing merchandize at favourable 

 opportimilies, millions are locked up 

 in government securities, and, sad io 

 say, employed in privileged usury. 

 X. Y. 



7'Vir (lie Montldy Magazine. 



KLUCIDAriONS <)/' PORTIONS o/' ENfiMSIl 



msroiiY, improperlti rei'UESENtki> 

 in our uenekal histories. 

 History of the Jnviision of England hy 

 ike. Normans in the Eleventh Century, 

 and the Conseqnences of that Invasion 

 down to the Thirteenth. 



( Conlimietljrom page 305.) 



1071.— nnilE Pope sent liis own 

 jL pallium to Lanfranc, iti 

 token of investiture; and loaded him 

 with flattering messages. " I long for 

 you, (said he,) and console myself for 

 your absence only by rellccting on the 

 happy fruits which England is about 

 to reap at your hands."* Thus were 

 llie odious operations of the Conquest 

 clothed in the distance in an agree- 

 able dress. I^anfranc's mission to 

 England, — his special and avowed 

 mission, — was, lo employ religion in 

 enslaving the English; and, as an old 

 historian cx|>resscs it, to stiile the con- 

 quered people in tlie embraces of 

 royalty and the priestlioed.t Lanfranc, 

 no less able than William, followed, 

 in his political sphere of action, a line 

 of conduct exactly resembling that 

 pursued by the Conqueror : like him, 

 he was in the fust place careful to. 

 attribute to himself, under a plausible 

 title, a universal, and seemingly law- 

 ful, authority. The church of Canter- 

 bury or of Kent, at the head of which 

 he had been placed by the choice of 

 the Normans and the iPope,t was, as 

 has been seen in the former part of 

 this article, the first church founded 

 hy the missionaries from Home 

 amongst the Saxon Pagans. From ' 

 this priority had arisen the idea of a 



* Coiisclationeni suiuimus. (Opera Lan- 

 franoi, ."ST ) 



t Diem r( gnimi et .sacerclotiuni in nos- 

 tvnm (Ictiimciifiuii miUuos conninitareiit 

 amplexus. (tlerv. (^anthar. l.'igS.) 



t () Norniaiuii pivrhitin. COrd, Vit. 

 509.) • 



foil 



