A. D. 1 71 6. jr 



4 livres to 5 livres. Thus he got one fifth part of the value of thofe 

 coins, gulhng the people with a belief (but with the wifer fort, with only 

 a pretended one) that they were no lofers thereby, becaufe they receiv- 

 ed back from the mint the fame number of livres they had paid in ; 

 although they only received back four ounces of filver inftead of five. 

 This occafioned great quantities of old fpecie to be hoarded up, to the 

 confiderable obflrudion of the circulation of money. For this malady 

 a new expedient was f illen upon, viz. the eredion of a general bank, 

 whofe bills bore 5 per cent intereft: ; for this bank paid only the new 

 raifed fpecie, though they received both new and old fpecie : as the coins 

 were fo fluctuating in value, and the bank bills were invariable, people 

 for that reafon carried all their money to the bank. This was allure- 

 ment fufficient for the duke-regent to feize on fo vafl a treafure : the 

 bank therefor on a fudden was made to flop payment ; though the 

 quantity ot gold and filver coin then in France was computed to be neiu" 

 400 millions of livres, or near 17 millions of fterling money. And thus, 

 the king's treafury was filled by the ruin of his people. In like fort, 

 though not quite as yet in fo violent a degree, were the public debts 

 paid off in France : the capital was retrenched and the intereft reduced 

 by edicts, without the content of the creditors ; infomuch, that fome of 

 the public fecurities fell 50 per cent, others 80 percent, and fome 90 per 

 cent : which fad ftate ot things produced innumerable bankruptcies. 



There was coined in the tower of London, from Auguft 171 5 to 

 Auguft 1716, Lt, 452, 155 in gold; and but L7,ooo in filver; [Bayer's 

 Politicol Jlote of Great Britain, for Augujl 171 6] and it was reckoned, 

 that near two thirds of that gold was from French louis d'ors melted 

 down. 



No redrefs being obtained for the invafion of the privileges of the 

 Englifli Eaft-India company, a proclamation was ifTued by the prince of 

 Wales, guardian of the realm in his father's abfence, ftrictly prohibiting 

 his majefty's fubjedts from trading to the Eaft-Indies under foreign com- 

 miflions, contrary to the privileges of the Englifh Eaft-India company ; 

 and alio trom fcrving on board fuch foreign ftiips. 



Some controverfies having arifen this year concerning the trade of 

 Great Britain into the countries within the Baltic lea, we find in a pe- 

 riodical paper, formerly well known by the name of Boyer's Political 

 ftate of Great Britain, for the month of November 1721 , * the total 

 value, at prime coft, of all merchandize either imported or exported, 

 between Great Britain f on one fide, and Denmark, Norway, Sweden, 

 the Eaft country, (i. e. Pruftia and Livonia) and RufTia, on the other, 

 during the fa id year 1716, viz. 



• It conlals in all of 60 volumes 8vo, and extends fiom ift Jamiary 1710 to 31ft Dcccn ber 1740. A. 

 f The impcrls and exports of Scotland arc not included in litis llalemcnt. M. 



G 2. 



