( 476 ) 



In fact. Dr. Combe addresses himself to mankind in general. We have read 

 it with pleasure, and it will be our own fault if we do not profit by the judi- 

 cious advice it contains. We have seldom met with a work in which we have 

 seen so many proofs of an intimate acquaintance with the physical economy 

 of man. 



The Future Prospects of the British People. By the Author of The 

 State of the Nation : Effinsfham Wilson. 



t3 



The subject of this pamphlet is to show, first, that the agricultural distress 

 so generally complained of is chiefly caused by the transition from a paper to 

 a metallic currency ; and, secondly, that our present manufacturing and com- 

 mercial prosperity is based on a hollow foundation. The author anticipates, 

 of course, as a necessary consequence of the latter state of things, a sudden 

 and extensive explosion, similar to that of 1825. That Peel's Bill has been 

 the principal cause of the existing agricultural distress there cannot be a mo- 

 ment's question. The man who thinks otherwise is fairly beyond the reach of 

 reason. But whether, as the author suggests, we ought to recur to a small 

 note currency, in order to remedy the evil, is another question. Some years 

 since we would have concurred with him ; but, as the worst of the crisis is 

 now over, we think it better to struggle on with a gold currency, rather than 

 again convulse the commercial relations of the country by recurring to a paper 

 medium. 



With regard to the second point, our impression is that there is too much 

 of the spirit of speculation mixed up with our manufacturing and commercial 

 prosperity ; but we do not believe we are in that unsound state which charac- 

 terized the prosperity of 1825, and consequently we do not anticipate any 

 such results to the credit of the country as those which accrued from the 

 transactions of that year. 



We give, as a specimen of the author's sentiments and style, his statement 

 of the causes which, in his opinion, led to the catastrophe of 1825, and of the 

 frightful consequences of that catastrophe : — 



" Such was the state of things when the bill of 1819 was introduced, 

 which granted the Bank a prolonged period to prepare for unrestricted cash 

 payments, namely, until May, 1823. In order to recover a supply of gold, 

 the Bank again greatly contracted its issues; the average amount of 5i. notes 

 and upwards, for the quarter ending the 30th June, 1822, was reduced to 

 16,256,140Z., being 4,701,280?. less than the average amount for the quarter 

 ending March 31st, 1818. Standard gold was again reduced to the old Mint 

 price of 3Z. 17». lOid. an ounce, and standard silver to 4s. llirf. ; an in- 

 crease being again made in the intrinsic value of the £ sterling, estimated in 

 bullion, and a great decrease in the quantity of money in circulation, a reduc- 

 tion in price consequently followed, lower even than in 1816. The Bank of 

 England, in 1822, h?.d withdrawn nearly all its 11. notes ; but the country 

 bank ll. notes still remained in circulation. By keeping money scarce, and 

 consequently, prices low, from 1819 to 1822 — 1823, the Bank again obtained 

 a stock of bullion, and having done so, once more acted upon a system of 

 increased circulation until the spring of 1825. The circulation of Bank of 

 England notes of 5l. and upwards, for the quarter ending 31st March, 1825, 

 was 20,665,600?., being an increase of 4,409,460Z. beyond the average of the 

 quarter ending 30th June, 1822. This increase in the Bank circulation caused a 

 considerable advance in prices, and led to the hollow and fatal prosperity of the 

 year 1825. The gold was again driven from the country. The stock at the Bank 

 on the 20th December, 1823, was 14,142,000?., which was reduced by the 24th 

 December, 1825, down to 1,027,000?. The whole of which, or nearly the 



