1810.] On Mr. Foshrooke’s Plan for Abolishing Poor’s Ratess 428, 
from ruin, advance more than they ought. 
Instead of cargoes arriving, failures are 
announced, Bills as security, consi+ 
dered last week periectly good, prove 
bad. Loss upon loss. involves: the mer- 
chant, the banker, the manufacturer, 
the shop-keeper, the journeyman, all in 
ene chain of poverty and distress! 
I allow, (says he,) that bankers ought 
not to risk other people’s property in 
trade, upon any account, nor assist 
blame-worthy speculators. — 
But, (I remarked,) are not banks now 
too numerous? 
It may be so; but remember, (said 
he,) the greater their number, the greater 
the competition, and of course the pud- 
lic obtain better terms. Besides, the 
circulation of their notes becomes more 
econfined, and the risk to the country 
proportionally diminished... As they 
inultiply, trade increases. It is asserted, 
upon very good authority, that when 
banks were first established in Glasgow, 
its-trade was doubled in fifteen years! 
( Encyel. Perthensis.) | 
We hear much, (he continued,) of the 
mischief which bankers have done, and 
it is edd, very add, that no friend can 
open his mouth, or lift up his pen, to tell . 
the good they have done., What must 
become of the country manufacturer 
when he receives a large bill from his 
agent, if he could not get it discounted 
jnto provincial notes? The Bank of 
England knows nothing of him. They 
cannot supply every body. He cannot 
pay wages with it. All his machinery 
must therefore stand still, and all his 
hands be turned off a-begging, unless he 
ean get the needful at the neighbouring 
bank, to oil his wheels. Ask the people 
of any market-town, if they would not ra- 
ther have a bank. Ask the retail trades- 
man how it fares-with him, Formerly 
be kept his receipts accumulating ull the 
manufacturer came, and after all, per- 
haps, fell shori—went a-dunning—or 
borrowing, and of course, a-sorrowing, 
Or perhaps a dishonoured bill bounced 
in upon him, like a Philistine, with an 
arrest tagged to the tail of it, Where 
could he raise the good. stuff, when ao- 
body made any? The nakedness of his 
business was exposed, Now he can de- 
posit his receipts at the bank, and receive 
four or five per cent, interest. Hedreads 
neither manufacturer nor protest; he can 
at the “ paper-office” be ‘supplied in a 
minute. Nox is the plague of “1 pros 
“a ~ 
ava 
mise to pay,” from all countries, to be 
compared with the bother he formeriy 
had in weighing light guineas, In short, 
I am persuaded, that thousands of trades= 
men who now are well thought of, owe 
their success chiefly to the country 
banks.“ 
Do you imagine, (says I,) that govern. 
ment are hostile to them, as report would 
fain persuade us? What! treat their 
good friends like a culprit! No; they 
know hetter than put hand-cuffs upon 
commerce, Do notthey love those who 
pay them money? It is natural—it is 
gratefal, Let us just calculate the good 
stuf these paper vendors consume... Put 
down 600 in Great Britain, and say each 
has 25,0001. a-travelling from house to 
house. For this privilege, every one 
pound pays four-pence, and every five 
pounds one shilling. Estimate the fornieg - 
at SO000l. and the Jatter at 20,cogl. 
or 4000 at ds. and we raise about 
170,0001, and the larger of these must be 
repeated every three years. Besides, 
every new bank muse take out for this 
purpose an annual license: of 201. for 
themselves, and. every agent. ~ Is this 
money of no consequence to the revenue > 
But calculate again: reckon that 700 
Danks draw bills of exchange every day, 
upon an average, fifty, and as they ure 
from one slulling and sixpence to ten 
shillings, piace them alldown as if drawn 
on three shilling stamps, and see what is 
the expence in one year, allowing fity- 
five holidays ?—Answer-1,627,5901.! “fs 
this: of no importance inthe national ex. 
penditure ? 
Karby Londsdale, : WwW. 
Gctober 19,1810, eel 
Wisiiee 
chime 
for the Monthly Magazine. 
REMARKS G2 @ PLAN fur ABOLISHING 
POO R’S-RATES, 
VY Sees has the good of _ his 
¥Y country at heagt, ought to res 
member, that it is not sufficient to be 
apprehensive of. danger from. foreion 
enemies and mal-contents at home; na 
Jess caution is requisite to watch the 
conduct. of those to whom no suspicion 
ean attach, but who, in the heat of their 
zeal to do some great good, may, through 
error of judgment, do some great evil, 
He only is worthy to be styled arable 
politician, who possesses foresight to diss 
cero beth the immediate ‘and the must 
reiavie Cansequcnces which may ensue 
frvia 
2 
