6 Regulations for Bankers.— Direction of the first [Aug., 
The effects of this monopoly are deci- 
dediy hostile to the British cotton- 
planter, for it increases the real cost of 
his property, while it depresses the 
value of his produce. Of this, however, 
more will be said hereafier: at present, 
the allusion is sufficient to confirm the 
estimate of the value of such property. 
Tt may be here remarked that clothing of 
every kind, as well as provisions, is ex- 
ported froin this country. 
it-appears from a careful comparison 
of these circumstances of the real value 
of cotton estates, (taking every source of 
expence into consideration), that the 
average value of each acre of land 
may be stated at between 140/. and 150J. 
sterling. ; 
Each acre (as proved by an average 
of ten years) produces about 200lbs. net 
of cotton wool. 
(To be concluded in cur next.) | 
— eo 
To the Editor of the Monthly Magazine. 
SIT, 
Woy UU RENG the current month, various 
D dealers in money and negociable 
paper, commonly called Bankers, have 
stopt payment In town and country, and 
ruined many honest peeple. 
As however itis the professed object 
of this description of traders to become 
the depositories of other persons’ spare 
cash, and as they seldom or never lend 
money for any useful or benevolent 
purpose, it appears to me that no banker 
can honestly become a bankrupt; and 
therefore, that when he does, he ought 
to he rendered the object of some espe- 
cial punishment. : 
Men whose sole business is that of 
receiving other peoples’ money, of which 
they are bound to be the guardians, do. 
not live in the same relation to_ society 
as traders in merchandize. These latter 
arc liable to bad debts, unsuccessful 
speculations, fluctuations in markets, and 
even in money matters are subject to 
the tricks, manceuvres, and liberal 
practices of bankers themselves. Bank- 
ers. however, who obtain the “use of 
large sums without interest, are morally 
bound tu enter into no speculations 
which place at hazard the money con- 
fided tu them; and ought every night to 
compare their obligations with their re- 
sources, and be able, if needful, at a few 
hours notice, to restore to every man 
that which has been confided to them. 
Yet so little is this the practice, that 
baukers proceed in business from year 
to year, and from generation to gene- 
ration, rich in the use of their customers’ 
money, and }iving in great style on the 
principle of never settling accounts. 
Were bankers in general called upon 
to pay back to every one his own, and 
baiance with the world, is it not to be: 
feared that not one in ten would prove 
solvent, nor one in four be able to pay 
ten shillings in the pound? How often 
has it happened, on the failure of a large 
banking-house, which has for years main- 
tained in insolent splendour the families 
of five or six partners, that a tardy divi- 
dend_has been obtained of half-a-crown, 
or five shillings, in the pound! 
At the beginning of the French revo- 
lunon, the bankers of France lost the 
public confidence, and ruined thousands 
of families, paying in general but trifling 
dividends; and the consequent exaspera- 
tion of the public mind, led to many of 
the horrors of the revolution, The same 
effects would probably arise in England 
on an invasion, or on any public event 
that might create general alarm. 
It is my advice then, that the banking 
system be placed under legislative re- 
culation; that bankers be compelled to 
give security to public functionaries for 
amounts proportioned to the extent of 
their credits, and especially to their 
issues of notes—a regulation adopted in 
the United States. At present they are 
dangerous, because delusive, establish- 
ments; they encourage and sustain ma- 
nopolists and monopolies, and they ‘play — 
tricks with the eirculating medium, 
which ought not itself to be an object of 
traffic ! 
Common SENSE. 
Se 
To the Editor of the Monthly Magazine. 
SIR, 
HE bishop of Lincoln, in his Ele- 
ments of Theology, says, that 
“ after a certain time, the whole race of 
men moved from their original habita- 
tions in Armenia, and settled in the 
plains of Shinar, near the Euphrates, in 
Assyria or Chaldza.” The Scripture 
says, “ It came to pass, as tliey journeyed 
from the east, that they found a plain in 
the land of Shinar; and they dwelt 
there.” If we consider the position of 
‘Armenia and of Shinar, we shall find 
that the journey here mentioned could 
not have been from the direction of Ar- 
menia. 1. Armenia is a province of 
Asia, and consists of the modern Tur- 
comania, and part of Persia. It is 
bounded 
Me 
