é 
5Y4 
value refpe€tively; but the whole to- 
gether te be of the amount of soool. fter- 
ling. By this means every particular 
quantity of {tock might produce a fourth 
part of its nominal amount for the pur- 
pofes of circulation; for it is prefumed, 
the mercantile world would receive and 
circulate thefe Stock Notes as readily as 
they now do Bank notes, as 100l. ftock 
mult be allowed a fufhcient fecurity for 
2.5]. money, by. ali who give any degree 
ot credit whatever to the public. funds. 
‘The ftock thus transferred in truft, would 
not be tied up, as the proprietor might 
redeem it by bringing into the Bank 3 
quantity of Stock notes equal in amount 
to thofe originally obtained by him, or he 
might fell his ttock fubjeét to the charge 
upon it. The notes being fuppofed to 
circujate with the fame facility as Bank 
jotes do, would be confidered as money, 
and coniequently if lent by the original 
holders, would entitle them to receive in- 
tereft_ on the loan, in ike manner as the 
Jender of Bank notes now receives the in- 
tcreit for the loan of thofe notes; there- 
fore, if according to the firft fuppofition 
fifty millions of money could thus be 
drought into circulation, the gain to the 
stockholders wauld he 2,500,6001. annu- 
ally, and fa in proportion, if the circu- 
isting medium fhould be ufed in lefs or 
greater extent; but this would be too great 
a gain for the ftockholder, particularly as 
he would derive other advantages from 
the fcheme ; it 1s therefore propofed that 
Sovenment and the Bank. of England 
‘ould parsicipate in the profits. It may 
be thought proper that fo much of the di- 
vidends as is equal to 5 per cent. on the 
fi¢ck notes fhould be kept. back by go- 
wermment ; that is, that the payment of fo 
much of thedividends fhould be fufpended 
éurmg the war, and that the amopnt of 
thefe dividends fhould, at the end of the 
war, be divided between the Government 
and the Bank of | England, and the per- 
fons who fhould then be the ftock-holders 5 
or it a fufpenfion of dividends fhould be 
thought improper, fome other arrange- 
ment might be adcpted, 2s the mutual in- 
terelts of government and the ftock pro- 
prietors might diate. 
ral, but to be given as a privilege to the 
fubicribers to future government loans, 
who will in confequence be induced to ac- 
cept of a lefs rate of intereft; and as the 
increafe of -money is intended to be con- 
fined in its Arf application, to the aflit- 
ance of the landed interefl, which is, tke 
Circulation of Stock—-Paffage in Valer. Flaccus. 
The liberty of 
= a on . - - / 
Hining the notes is not meant to be gene- 
[Aueufk, 
main obje& of the plan, the perfons whe 
obtain the notes upon the fecurity of their 
transferred ftock, are engaged to lend 
them upon mortgages of land, and to de- 
pofit the mortgages in the Bank as anad- 
ditional fecurity tor the notes. 
London, Fuly §,1799»  — _ 
= 
To the Editor of the Monthly Magazine. 
SIR, 
r SEND you 2 fmall communication, 
I but am not fure, that it deferves in- 
{ertion in your Magazine, . 
In the year 1778, or the beginning af 
1779, as 1 was walking by the docks in 
Liverpool, I obferved a fort of ‘oblong 
wooden box, emitting fteam through all 
the junétures of the wood. Upon an en- 
quiry into its ufé, a failor, who was paff- 
ing by, informed me, that fhip-timber was 
{ottened in it by the aétion of fteam: a re- 
cent difcovery; to the great faving of 
materials and labour, confumed hereto~ 
fore and expended in accommodating the 
pianks to the various curvatures of the 
vetfel. No long time afterwards, I was 
furprifed to find in the Argonautics of 
Valerius Flaccus, that fome fimilar pro- 
G. FS 

ce{s, according to the poet, was employed 
by the builder of the firft thip Argo in the 
fabrication of that renowned vefiel. The 
words are thefe, book i. verfe 125. 
Feyvere cunca virim cetu, fimul undique 
ceynit 
Delatum nemus, et doéta refonare bipenni 
Litora: jam pinus gracili diffolvere lamna 
Thelpiaden; jungique latus, LENTOQUE SEs 
QUACES aki 
MoLtviri VIDET IGNE TERABES—. 
The buftling throng of men, and groves he fees 
Hewn down, and axes founding through the 
fhores : 
With the thin faw how Tiphys flits the pine, 
And jcins the fides, he views: 4ow /iubborn 
beans oo 
Relent and foftex to the fuppling fires 
I do not know-that this coincidence of 
a loft ufage among the ancients, with mo- 
dern practice, has been pointed out by any 
former writer. 
Dorchefier Gaal, 
Tuly 34, 1799- 
To the Ediior of the Monthly Magazine. 
SIR, 
S Tam naturally fond of variety, 
\ and with to pals, although by de- 
cent, and not precipitate, gradations, from 
one iubject to anocher, yee that fub- 
yest be of the amunng, The political, or 
thg 
G. WAKEFIELD, 
