326 
value of commodities exported and 
the value imported. ‘The expenses of 
the army, navy, and ordnance, during 
the same period, will be seen to have 
amounted to upwards of 800,000,0001. ; 
increasing from 4,226,000/. in 1791, to 
upwards of 60,000,000/. in 1814; and, 
as is well known, a great portion of 
this expense was incurred externally, 
and bills drawn on account of govern- 
ment were ferced into cireulation in 
every part of the globe where British 
produce and manufactures were offer- 
ed for sale. And, although I believe 
there is no official account before the 
public of the actual amount of such 
bills, there is no doubt but that they 
exceeded in amount, in the aggregate 
of the twenty-three years, the excess 
of value of British produce and manu- 
factures exported over and above the 
value imported, The subsidies alone, 
including the loans to, Austria and 
Portugal, (which resolved themselves 
into subsidies,) amounted to no less 
than 60,000,000é 
These bills, then, let the amount 
haye been more or less, constituted so 
much equivalent in value against the 
excess of merchandize exported, and 
afford a very satisfactory solution to 
the disparity between the value of ex- 
ports and value of imports, up to the 
close of the year 1815, as far as 
equalizing, or tending to equalize, 
merely the commercial part of the 
question: but a higher consideration 
will arise, ts to the effectit has already 
produced, and has still to produce, on 
the general interests of the country; 
which effeets will show themselves in 
some degree in the following illustra- 
tion of the results of our commercial 
operations since the termination of the 
war in 1815. 
‘The totai quantity of imports, it will 
be seen, in the seven years, 1816-1822, 
amounts to 212,409,810/. as per col. 
No. 2, out of which 74,765,0L6/. has 
been again exported, as per col. No.3 
leaving 137,644,794/. as the amount of 
quantity retained for lhome-consump- 
tion, against which British produce 
and manufactures have been exported 
to the amount of no less than 
270,468,438/. as per col. No. 4,; but, 
as previously stated, it preves, by the 
same parliamentary returns from which 
the present account has been compiled, 
that, instead of the real value exceed- 
ing the amount stated in quantity or 
official value, as was the. case during 
the whole of the poriod 1706-1814, 
Exposition of our Commercial System, 
[Nov. 1, 
the real value since that period is 
actually less, being only 267,674,4511, 
in the aggregate decreasing in value 
year by year, whilst the quantity has 
progressively increased; however, it 
tends to make the disparity between 
the value of imports and the value of 
exports appareutly somewhat less, but 
for the fact, that the imports have de- 
creased in value in equal proportion, 
consequently the disparity, in point of 
fact, is not diminished. What, then, 
is the result? ‘Che quantity of in:ports 
retained for home-consumption being 
137,674,794. and the total quantity of 
exports to all parts of the world 
270,468,438. ; from which deduct the 
excess imported from the East Indies 
and China, the West Indies and 
Fisheries, over and above the exports 
to thence, which in the seven years 
amounted to not less than 57,504,573/. 
making an absolute excess of quantity, 
as previously stated, ef upwards of 
190,000,0007.! How has this. been 
equalized? ‘That is How the questicn. 
Answer, ye presumers to legislative 
attainment. The balance-sheets of the 
4648 bankruptcies in1816-1817 may suf- 
fice to account for some tens of millions. 
Oh! but they will say, perhaps, 
— the specie, the specie, is not 
included in the  imports,—granted ; 
but what does it amount to, does it 
ameunt to 10,000,000/. or 15,000,0002.; 
ortake itat 20,000,000/, whichis beyond 
the reality, and what else can be 
brought to bear against the excess ?— 
Absentee expenditure, be its amount 
more or less, 2,000,000/. per annum, or 
5,000,000/. per ann., certainly resolves 
itself into so much equivalent on com- 
mercial account towards equalizing 
the excess of exports ; as such, it may 
be contended, that absenteeship is a 
good thing ; so it is commercially, but 
it is injurious to the interual interests 
of the country in the proportion of 4, 
5, 6, or 7, whilst it is beneficial to 
the external interests of the coun- 
try in the proportion of 1 only; and, 
after all these extraneous aids are 
brought to bear on the account against 
the excess of exports, they will still 
leave @ minus of several millions per 
annum. What, then, it will be asked 
perhaps, are our merchants such fools 
as to give away their commoditics 
without equivalents? and is the go- 
vernment so indifferent to their duty, 
so blind to the interests of the commu- 
nity, as not to interfere; but, on the 
other hand, cominue from. year ‘to 
year 
: 
Bai aS ee. 
