

ei 
embarrafs good fortune by a fmile than an ex- 
preffion from her lip checks impertinence, 
A worthipping pilgrim, the will fend me to 
the celeftial prefence! How long thall 1 wor- 
fhip thee ?—Stop and think of thine office !— 
If I am unfkilful, through the dotage of love, 
Jefus ! the well-informed will not rebuke me! 
I was much gratified, Mr. Editor, upon 
reading the interefting account of M. le 
BRiGan Tf, io your Magazine of laft month, 
from your correfpondent VIAGGIATORE ; 
and it is to be hoped that it will be the 
means of inducing fome curious enquirer 
to fearch afree his manufcripts, fo that 
they may be depofited in a public library. 
I had, fome little time before, received 
fimilar information, though not fo parti- 
cular, refpecting M. le Brigant, from a 
friend who was acquainted with him, 
~ and who had often feen This printed Pro- 
{pectus, being a thin quarto book, con- 
taining the plan, and many examples of 
the intended work, which was to be print- 
ed at the expence of government. 
( MEIRYON. 
ee 
To the Editor of the Monibly Magazine, 
SIR yi. 
as GOR ees the country is not inj aed fo 
™ much by the taxes, to pay Be inte- 
reft of that part of the national debr which 
is received by ourfelves, as by that part of 
the intereft which is paid to foreigners, 
and that it is the latter which conititutes 
the principal lofs to the community,” has 
been fo generally admitted by thofe who 
have moft attentively confidered the fub- 
jet, that Iam rather furprifed to find it 
denominated by your correfpondent Y.-Z. 
a ‘¢-miftaken prejudice ;” particularly as 
the only argument he advaiices to prove 
the contrary, !s,. that all the money which 
is lent by foreigners is fo much aétual in- 
creafe of our. commercial capital, which 
yields a profit to the country confiderably 
greater than the intereft paid for it. .How 
far this is the cafe; the fol lowing obferva- 
tions may perhaps contribute to fhow: 
The money invefted by foreigners: in 
“our funds, muft go into the hands of 
Sock bolders, ; for the purchafe of their ftock ; 
and though fome of the principal flock - 
holders are, at the fame time, merchants 
or manufacturers, and, therefore, may 
fometimes have occafion to fell out, in 
order to procure money for the purpofes 
of trade, the great majority of fellers are 
thofe who make a regular traffic of the 
funds, who generally employ the money 
they receive in farther {peculations of the 
fame kind, cr in making their payments 
on new loans. The money fent here by 

Injury of Foreign Property in the Englifh Funds. 
foreigners, to- be invefted in the funds, 
therefore, feldom makes any addition to 
our commercial-eapital ; and when it does, 
it can only happen, by being paid for the 
ftock of thofe who have occafion to fell 
out, for money to ae in trade; fuch 
perfons, however, would always find pur- 
-chafers without the aid of foreigners ; ; fo 
that the only benefit which ‘trade derives 
from foreign buyers in the funds, is, that, 
as they contribute to raife the current 
ee they leffen the temptation which _ 
might induce the indolent or timorous to 
withdraw their money from trade, and 
inveft it in the funds. 
It is evident, then, that the money of 
foreigners has little effeét ia increafing 
our trading op ; it may, by taking 
fiock out or the market, and adding for 
a while to the money in circulation, enable 
government to contraét new debts with 
great facility; and may alfo enable fuch 
Individuals as have occafion to borrow, to 
obtain the fums they want upon fomewhat 
better terms than they otherwife couid, 
but a trifling differencé in the intereQ to 
be paid for money, will not alone be a faf- 
ficient inducement to a trader to increafe 
his capital. 
If, inftead of Bij up ftock in the 
market, we peg what amounts to the 
fame thing, that a million has been. fub- 
feribed in any of our late loans, upon ac- 
count of foreigners, the whole of this fum 
mav have been expended i in foreign coun- 
tries, perhaps in the country of the fub- 
{cribers, in the pay and maintenance of. 
troops, or other war expences; in ftich 
cafe, it will not be pretended that- there 
‘is any addition to our commercial capital, 
in confequence of this debt to foreigners ; 
the only compenfation for the perpetual 
burthen of the intereftto be paid out of 
the profits of this country, is the negative 
advantage of our aétual capital not being 
diminifhed one million, which it otherwife 
mutt have been. 
But there 1s another view in afhten the 
property of foreigners in our funds ought 
to be confidered:—The intereft paid to 
perfons refiding in this country, and par- 
ticularly the part that is paid to thofe who 
live entirely upon the income of their pro- 
perty in the funds, 1s chiefly expended in 
articles of confumption; a confiderable 
part of it, therefore, returns again to go- 
vernment in the taxes upon fuch articles, 
while the remainder reimburfes the trader 
‘a part of his capital, to be again employed 
in the encouragement of produétive la- 
bour. »In this cafe, it is evident, that the 
evil of the ftockholder being enabled to 
live 
[Julys 
> 
