A. D. 1776. 593 



country on the face of the earth, and render the commerce of Great 

 Britain the commerce of the world *. 



It may be fuppofed to afford a fufficient proof of the profperous ftate 

 of Scotland, that money was now fo plentiful in that country, that above 

 half a million was about this time lent out at an intereft oi three per cent, 

 and more was ready to be laid out on good fecurity. As a further 

 mark of the profperity of Scotland, fome ftiares of the Royal bank flock 

 were fold at £215, the higheft price ever given before having been 

 j^20i. But it may be doubted, whether the depreflion of the rate of 

 intereft, and advance in the price of bank ftock, were not, at leaft part- 

 ly, occafioned by great fums of money, which ufed to give life to a vi- 

 gorous trade with America, being now for a time thrown out of em- 

 ployment, and, during the ftagnation, thrown into the hands of the 

 banks and bankers at three per cent, which they ufed to allow for mo- 

 ney payable on demand f . 



Auguft I" — A hght-houfe was ereded on the Smalls, a dangerous 

 parcel of rocks in the Irifh channel, with a light fo well contrived as to 

 be clearly diftinguifhed at the diftance of nine leagues. 



Auguft — It being difcovered that the Mediterranean pafTes, by which 

 Britifh vellels are exempted from the depredations of the piratical cruif- 

 ers of the ftates of Barbary, were frequently forged, they were all called 

 in by proclamation, that new ones of a different form might be iflued 

 from the admiralty ofHce, in order to remove any jealoufy, which the 

 Moors might conceive, of the property of their enemies being proteded 

 by the Britifh flag ; and probably to prevent the Americans from be- 

 nefiting by thofe in their pofleffion. 



Odober 26" — Mr. Stuart, fuperintendant of Indian affairs in the 

 fouthern diftridl of America, complained, that the traders, who went 

 among the Indians, carried chiefly rum, and fcarcely any ufeful goods, 

 in confequence of which the Indians were naked, difcontented, and 

 wretched. Of 30,000 gallons of rum lately imported at Penfacola, not 

 one gallon was to be found in the ftores in three months. 



The Emperor of Germany made a new attempt to eftablifli a trade 

 with the Eaft-Indies, whereof Oftend was to be the port, which about 



* Much lias alfobecn faki, and written, by well- againd water mills and wind mills for grinding corn 



meaning people a^ainll the ufc of machinery, which, inltead of hand mills, and againd the ufe of the 



(hey fay, by enabling one man, or boy, or girl, to plough in agriculture, becaufc digging the ground 



ill) the work of twenty, tlirows nineteen out of em- with fpades, would require more hands, as is well 



ployment. In anfwer to this, it mull be ncknow- obfeivcd by Sir Frederic Morton Eden : and the 



leged, that all luinian inllitutions arc liable to in- fame objeclions have repeatedly been m.ide jgainll 



conveniencics : but the workmen generally do find canals. But canals and machinery will notwith- 



cmployment, if willing, during the time of the hard- (landing continue to be encouraged by all wife go- 



llilp confequent upon the firll introdutlion of a new vcrnments, efpecially in commercial nations, 



piece of macliineiy ; and foon after, fometimes im- f Alter this time, many of the merchants of 



mediately, they feel the great benefit of an incrcaf- Glafgow threw their capitals into manufactures: 



rd demand. The fame objedlion i>< equally good but it rc<juirei time to eficA the change. 



Vol. III. 4 F 



