14 Timehri. 



AX INTERESTING LETTER, 



When the bank was about to be incorporated, its founder Sir James 

 < larmichael Smyth, addressed the following letter, of historical as well as 

 general interest to the promoters : — - 



Gentlemen, — I congratulate you upon the passing of an Ordinance 

 from which, in my opinion, the most beneficial effects may be expected to be 

 experienced by the landed proprietor, the merchant, the mechanic, and the 

 labourer : in short, by all classes of the community. 



(2.) Burke, in his celebrated speech, urging conciliation with America, 



nhvn : " When we speak of the commerce of our colonies fiction lags after truth, 

 invention is unfruitful ; and imagination cold and barren." Few of the 

 politicians of that day possessed the gifted mind of Burke The words as quoted 

 are considered by the multitude as the rhetorical flowers of the orator, not as 

 the cool deductions of the statesman, founded upon a careful investigation into 

 the history of our colonies, and their commercial importance. Every succeeding 

 year affords, however, additional proof of the political wisdom and foresight of 

 that great man : and of the truth of his assertions and predictions. 



(3.) The assertion made by Burke with respect to the commerce with our 

 cull nies in general, may, with the greatest propriety, be applied to the colony 

 of British Guiana in particular. This colony as vet almost in its infancy, 

 already imports and consumes British manufactures, annually to the amount of 

 one and a half million of pounds sterling. Under the blessing of the Almighty 

 Disposer of events an immense impetus has lately been given to the prosperity 

 of this colony. The abolition of slavery lias given the death blow to that 

 system of dependence and control which, emanating from the mortgagee in 

 Europe, pervaded all ranks; and was sensibly felt by all, from the nominal 

 proprietor of an estate to the humblest slave employed in its cultivation. A 

 great change has already taken place in the settlements of the inhabitants of 

 this colony. The proprietor of an estate (owing to payment of the Compen- 

 sation money) being now either perfectly free or nearly so from all former 

 engagements with the mortgagee is a happy ami independent man. A kinder 

 and a better feeling between the employer and the labourer, is everywhere 

 visibly and rapidly gaining ground. The labourer, receiving wages for extra 

 labour, now feels the advantage of being diligent and industrious, and the money 

 he acquires being laid out in the acquisition of clothes and other articles for 

 himself and his family, the merchant imports more largely and the commercial 

 and manufacturing interests of the Empire are benefited accordingly. It is 

 impossible to contemplate the improved and improving state of this colony 

 without the greatest satisfaction. 



i4.) Released as the great body of the proprietors are from the pressure 

 of heavy mortgages, yet it is evident that to acquire a competency the greater 

 number of them must still spend many years in this colony in the superin- 

 tendence of their affairs. Gentlemen, so situated, will doubtless prefer 

 employing the surplus of their incomes in profitable speculation jn this colony, 

 to the remitting of the amount to Europe where capital obtains so small a rate 

 of interest. The disposable money of the planter will be, hereafter, profitably 

 employed in the construction of railroads and in the introduction of steam 

 vessels and other improvements to the great advantage of all interests connected 



