MONTHLY REVIEW OF LITERATURE. 477 



whole, was driven abroad to make up the unfavourable balance of foreign pay- 

 ments, occasioned by this thii-d insane and impolitic attempt to raise prices, 

 and yet keep the price of bullion low. In order to prevent the necessity of 

 again suspending its payments in cash, the Bank was compelled rapidly to 

 contract its issues, which were reduced, by the 25th November, 1825, to 

 17,464,899'., being 3,200,700Z. less than on the average of the quarter ending 

 on the 31st March preceding. This brought about a sudden and great re- 

 duction in prices ; great commercial discredit and distress ensued, which 

 ended in the panic of Christmas 1825. These injurious and disgraceful opera- 

 tions, these underhand tamperings with the paper currency, are a reproach 

 upon the bank directors and the ministers of the day. Instead of boldly and 

 openly adopting some effectual measure which should steadily and permanently 

 support prices at a higher level, they are continually having recourse to some 

 miserable trick or expedient with their paper money which must prove abortive. 

 " These measures occasioned the ruin of many houses of the first respecta- 

 bility in trade, commerce, and manufactures ; thirty commissions of bank- 

 ruptcy were issued against country bankers in December, 1825, and 33 more 

 in the ensuing three months. There were 809 licences granted to country 

 banks in 1825, which were reduced to 668 in 1826, being a reduction of 

 141 country banks in twelve months. The number of licences granted for 

 1831, was only 636, being 304 less than in 1813, the year before the termina- 

 tion of the war. Since 1825, the ll. notes have been altogether withdrawn 

 by the country bankers. The Government and the Bank of England have 

 acted upon a more uniform and settled system of depression, and low prices 

 have been the consequence ; the injurious effects of which, the producing 

 classes can, from experience, well appreciate. The quantity of money in cir- 

 culation, of all sorts, compared with the quantity of property and productions 

 to be represented and distributed, is at least one third less than on the aver- 

 age of the war, or at the termination of it, and nearly 50 per cent, more 

 valuable, estimated in silver." 



Anecdotes of the Family Circle: Orr and Smilh. 



This is a very pleasant little volume. It will be found an agreeable com- 

 panion by the side of the winter's fire, or during the summer's visit to the 

 " green fields and verdure ever new." There are a few of the anecdotes 

 which might have been omitted, as having nothing very clever or interesting 

 in them ; but, as a whole, the selection is made with taste and judgment. 

 We are glad to observe that this volume is to be followed up by others of a 

 similar nature. There is room for a series extending at least to a dozen 

 volumes. He who makes himself master of the contents of the volume before 

 us can at any time enliven any company in which he chances to find himself 

 placed. The work is beautifully got up, and is in every respect deserving, as 

 we doubt not it will receive, a very extensive circulation. 



A Letter to the Right Hon. Viscount Palmerston on British Rela- 

 tions with China. By H. Hamilton Lindsay. Saunders and 

 Otley. 



The question of our commercial relations with China is one which, at this 

 moment, occupies an unusual share of the public attention. It is, unques- 

 tionably, one of the highest importance. Mr. Lindsay, after adverting to the 

 interruptions which the Chinese, from the most capricious considerations, 

 often interpose to our intercourse with them, applies himself to the question 

 of what amount of force it would be requisite to employ to coerce them into 

 habits of steady, unvarying commercial dealings with us. He thus disposes 



