the air and suspend ourselves between heaven and earth; what then must that something be? Why, Sir, you have frequently recommended a national bankruptcy, or the stoppage of those annuities, the loss of which would not convert the annuitants into paupers, as the only means of relief; and of power to contend with auy rational prospect of success, against the more unbounded ambition of Buonaparté; for we would not like him give the law upon land if we could, we are satisfied with the dominion of the sea. But, for this recommendation, Sir, you were publicly rebuked by Mr. Sheridan, I believe, upon the hustings in Covent Garden; and by others of the regiment you were daubed with the titles of Jacobin and Leveller, because, to preserve the independence of your country you would strip such annuitants of their annuities, violate public faith, and ruin public credit; that is, the credit of " the Regiment." O! Mr. Cobbett! you are a bad one; I had almost said a stupid dunce; for what is the independence of your country, when the credit of the Regiment is gone? Cannot you see in a moment, if you are willing, how far the credit of the regiment has diminished the number of our paupers within the last century, or how much greater that number would be if they had no credit? But, to be serions, Sir, and to distinguish the voice of reason from the snarlings of those "who owe their "greatness to their country's ruin," when the annuitants whom you would strip of their annuities, come to compare the small portion of the necessaries of life which the interest of their stock now gives them to what they formerly received from it, can they mistake that true faith is not kept with them? And when they look forward to the time when the attempt to maintain faith with them, by means of the Sinking Fund, will leave them but 1-7th of that small quantity to subsist upon,-will saddle them with their proportion of 490 millions of annual taxes, and reduce them, with a moral certainty, to beggars and paupers, will they not, of their own accord, withdraw their credit from the regiment? will not their fate induce the survivors in the general wreck to withhold their credit also? and will not both join in cursing the day when they became the dupes of their own credulity, and the victims of public credit? On the principles of cause and effect, this will certainly be the result, if the productions of our agriculture and manufactures be not increased to seven times their present weight and measure, or, at least, it will be so in the proportion in which the increase of capital

thrown into trade by the operations of the Sinking Fund, exceeds the increase of these productions. To increase them, however, in any sensible degree, is a thing which I be lieve cannot possibly be done, by any other means than that of employing the stockholders, and other idlers, as to productive industry, in farming and manufacturing for their own use. To this they must come sooner or later, or, go to the workhouse and none to feed or clothe them. Why then call us jacobins and levellers because we would take from them every thing that would not reduce them to paupers, and so save their country and themselves? Why then thus hypocritically attend to their pre sent prejudices at the expanses of their fu ture happiness? Why should not they, as speculators suffer the consequences of their own speculations? If they had not lent their money, neither they or us would have suffered as we now do and must yet de. I strongly suspect, as before stated, that the Sinking Fund is supported more from obstinacy or design, than from ignorance and conviction. In support of this suspicion, 1 shall quote Lord Henry Petty, as reported in the Times newspaper, of the 30th of January, when he brought forward his new and captivating plan of finance: on the folly and inefficiency of which, your correspondent A. G. has left no possible doubt. "When the Sinking Fund was established," says his lordship, "Mr. Pitt foresaw the in"conveniency and mischief which might " arise from the extinguishing at once a

very large portion of the National Debt. "If the two Sinking Funds," (the original million a year, and the one per cent. upon all the loans) "had been allowed to ac "cumulate to their full extent this mis"chief would have followed, that at one "and the same time an immense capital "would have been destroyed. In fact, by "returning all their capital to the holders of "stock, capital itself would cease to be of "value, and the nation might be nearly "ruined by that which at first sight might

appear a great advantage," (to whom? not surely to men capable of legislating for a people)" however paradoxical it might "sound" (to whom? I again ask) "he con"sidered that the sudden extinction of the "National Debt would be an evil almost "amounting to a national bankruptcy." I say, to worse than a bankruptcy, which would not reduce any of the annuitants to paupers. "It was not merely that the stockholder's "would find themselves materially distress"ed by having all their capital returned to "them at once, at a time when to employ.

"

"ment could be found for such an immense capital, but all those who were engaged in "trade would feel the mischief of it. Their "fair and reasonable prospects would be destroyed, and all their advantages of no avail, "if such an immense capital were all at once thrown upon the market, and they "were exposed to such a competition, that "would not allow them either to buy their "goods at the same price they formerly did, "nor to enjoy the same profits; for the stockholders, in such case, not knowing "how to employ their capital to better advantage, would be most formidable com"petitors. It was for these reasons that "he stated that the sudden extinction of "the National Debt would not only be a "most serious injury to the stockholders, but "to the trading part of the community, and "that it would produce the greatest and most "extensive mischief and calamity." Now merchants, traders, and stockholders, I put it to your most serious consideration, whether this be not a complete confirmation of all my arguments, and of all that ever was said or can be said, as to the destructive and calamitous effects of the sinking fund; except as to their notions of the counteracting influence of time. Pitt, the canonized institutor of this fund, and Lord Henry Petty, the trompeter of his fame, conceive or seem to conceive, that to discharge the debt a little at a time will enable the stockholders to employ their capital with more advantage to themselves, and less disadvantage to the trading part of the community, than they could do if the debt was discharged at once. But, how is little at a time, or time itself to enable them to do this? Why neglect to shew how? They know, you see, upou the principle of numbers and quantity, as well as we can tell them, that if the discharge of the debt, now that traders and capital is not wanted, will add but one stockholder in a year to the number of our traders, and but one pound in a year to our capital in trade; the competition would be as formidable, and the destruction of the capital as complete, when all the stockholders and their capital came into trade, as if they were sent there at an hour's notice. And, therefore, they know, with a similar degres of certainty, that the only influence which time has in this case is, 1. that of making the progress of our destruction imperceptible to our senses; and, 2. that of dividing our opinions as to the cause of our suffering, that we may be ruled with greater ease, if this be not the

policy of their not having followed up their insinuations, as to the advantages of time, with the proof, what other reason can they have? A very good one, they have no proof to give. But be this as it may, Sir, it is not now so likely, as it was seven years ago, when I first took up the subject, for the purpose already stated, that our labour to produce a belief in the inefficiency and mischief of the Sinking Fund, will be lost. The question of its merits, even in parliament, now turns upon a single point, the counteracting influence of time. And therefore if our answer to that question cannot be refuted; if we are not refuted when we answer, that to increase tradesmen and capital however slow, is to ruin both where neither is wanted; and that our country, is that where, in the present stute of her trade and capital, such answer is infallibly sure to strike conviction, and create that union which is indispensibly necessary to ave the inevitable mischiefs and calamities of the funding and unfunding systems. chiefs and calamities, I am most positively convinced of, before which all that policy could suffer the unrelenting hand of a conqueror to inflict sink into nothing.C. S. August 4, 1807.

LOTTERIES.

Mis

SIR,--Permit me to trouble you'with a few remarks upon the new lottery planI thought there was no good to be expected from it; and though it might be called the most beneficial scheme ever offered to the public, I was pretty well convinced, when I saw the word supplementary added to the old plan. It was inore calculated to deceive the public, than really to hold out to it, in these its sapient speculations, any more solid advantages, than have hitherto been experienced, by this cozening mode of collecting a few pounds. I was, therefore,' sorry to see this innovation upon the old plan; but reflecting, at the same time, that I had no power to alter it, I lamented that there was a necessity of having recourse to such measures, and so it passed. But to-day I saw, at the bottom of one of those precious morsels, a lottery advertisement, the following N. B. Not two blanks to a prize, and the prizes paid on demand." Hollo, says 1, how I have been mistaken in my judgment of the new supplementary plan; only two blanks to a prize! why, in the old plan, there were generally nearly four blanks to

prize. I must have a little bit of a look at you, Mr Supple, and see if you are really what you are represented to be. I believe I conned over it twenty times in about as many minutes, before I could understand it at all however, I think at last I have discovered who will be most benefited by this new plan; and, by your permission, I will state to you the most prominent features of this paragon of virtue; by which it will appear, instead of its being a better plan for the public, it is infinitely worse, in point of the chance of getting the money back again laid out in this speculation; and in addition to this, it has a very considerable increase of deception, which I apprehend cannot be considered as a recommendation; and particularly so, it being known to be the offspring of those into whose hands the reins of government have been entrusted. First, then, instead of only two blanks to a prize, there are nearly thirteen blanks to a prize in the principal lottery; that is, 14,000 tickets will give 1085 prizes (out of the 20,000 tickets, which is the whole of what the lottey is composed of); and the aggregate of these 1095 prizes will amount to £137,000, and the remaining 6000 tickets will give 6000 prizes at £10 each. But then the holders of these 6000 £10 tickets are not to receive the money; but instead of which, are to have a chance in another, or supplementary lottery, when they may get £20,000. But it is four to one they do not get more than £15, and nearly four to one they get any thing by their speculation. The deception here held out to the public is of two kinds; the one, that

257.000 is to be divided as prizes, when in fact it is only £200,000; and the other, that there are only two blanks to a prize, when in fact, adding the chance in the prin cipal and supplementary lottery together, there are even then nearly eight blanks to one against every purchaser of a ticket or share; and with this chance of eight to one against him, he can only get £15. If he has an eye to any of the capital prizes, he will find his chance of obtaining any of them from 15,000 to 19,000 to 1 against himNow, to say nothing about the pernicious effects of lotteries, what is the sum that government, will receive by this new plan? Why only about £140,000 at most, and out of which, no doubt, much must be deducted before it can be called net revenue. But the lottery-office keepers, and who are between twenty and thirty, will divide amongst them the sum of nearly £80,000; and this is the sum the country pays them for collecting so small a part of its revenue as 2140,000,

and which is at the rate of 57 per cent.In God's name, if we are to have lotteries, let them be conducted in a way more beneficial to the public. There can be no doubt but the business now done by the lottery-office keepers might be done by government, and quite as well, to answer every purpose, for about 5 per cent.; and which, in each lottery, would be a saving of at least £50,000. I shall be very glad, then, to hear some of the advocates of the present mode of con ducting lotteries, say, why the country is to pay between twenty and thirty individuals a salary, to each of them, at least of £10,000 per annum, when the business might be done for one twelfth part of that sum? Who, let me ask, would ot be struck with the impropriety of government's granting such patents as were granted in the reign of Elizabeth; and however different such påtents and the present lottery plans may appear on first view, they will be found, upon investigation, to be very similar in their effects. These patents gave to particular persons the exclusive sale of some of the most necessary articles of life, and as such they may appear to have acted with more security in their operation than a lattery tax, the money expended in which is considered quite voluntary. But I think the old adage may with much propriety be applied here"that an open enemy is not so much to be dreaded, as a false and insidious friend."I am, Sir, your obedient servant, London, Sept. 7, 1807,

Χ. Τ.

P. S. Since writing the above, I have seen a paragraph in the Morning Chronicle, in which it is stated, that T. Bish will, if the contractors persist in holding out such fallacious advertisements to the public, make them, by his explanations, all Quakers. We may, perhaps, then see, when honest men fall out, rogues will get their own.

PUBLIC PAPER. COMMERCE WITH RUSSIA.-Memorial pres sented by the English Merchants in Russia to the Marquis Douglas, concerning the renewing of the Treaty of Commerce,

The most essential point to be established in concluding a Treaty of Commerce in rese pect to the subjects of Britain who reside in Russia, is that of being permitted to be owners of all kinds of property, and to negociate in wholesale in many respects upon the same footing as native subjects or foreign merchants, of whatever class and of what ever nation they may be, without be ing inscribed in any mercantile Guild, subject to pay either a tax upon their capital or any other duties prescribed by law.—This

privilege (without which all others would be of little worth) has been granted to them by the Government of Russia since the first commercial undertakings between the two nations; and it is certain it never was of so great importance to them as since the publi cation of the Manifest, dated 1st January of the present year, by which several important articles are established as general, fundamental, and immutable laws, hitherto unknown in the commerce of this empire, which have not, and do not tend to any other object but that of diminishing the advantages, at the same time that they increase the heavy charges of all classes of foreign merchants, not exempted as we would wish to be, from their prejudicial consequences, by a particular Treaty of Commerce.-According to the 8th, 3d section, all foreigners whatever are totally excluded from enjoying the prerogatives of the Russian Guilds, as they were before permitted, without becoming subjects of this empire for ever. In consequence of the 9th, it is permitted, as a special favour, to all foreigners who are now inscribed in different Guilds, and who having already paid the tax, have obtained the right to expect the enjoyment of the prerogatives of their Guilds until the expiration of the present year, to determine within the space of six months either to become subjects for ever, or to choose between the two new classes of the foreign Guest, or of the travelling Merchant, as they are described. in the 10th and following articles. By the 10th, all foreigners, without exception, have no other alternative but of incorporating themselves in one of the two classes, or entirely abandoning trade within the space of six months. In being inscribed in either of these classes, it is only permitted that they shall negociate in wholesale with the natives of this empire, not among themselves, nor even to make any kind of negociation in retail. The Guest is subjected to pay a tax of 14 per cent. on a declared capital which must exceed 50,000 roubles, and the travelling Merchant must pay the same per cent. on a capital also above 25,000 roubles, on which footing the latter cannot remain beyond one year. According to the 11th, the foreign Guest will become liable to town dues, and other taxes and accessary charges, which are to be levied in an unlimited manner, at the pleasure of the Magistracy, or of the Town Hall, to which Assembly, however, he has no vote; besides that, it is ordained, upon quitting the country, to pay the tax upon his actual capital for three years in advance. By an ancient law, he is even besides that exposed to a deduction of one-tenth of the

amount of his actual property upon retiring from the Burgership, or in case of death. -By the 12th, each partner of a commercial house, composed of two or more partners, is obliged individually to pay the tax upon the capital, and all cominercial houses alike are subjected to the same regulations relating to partnerships in trade, which are established for the native Russians, without the exception of producing them before the Magistracy or the Town Hall and by such means to the Minister of Commerce; in one word, to publish to the world the conditions of their partnership, the extent of their capital, and other minutie, the disclosure of which is not required in any other country; and which ought rather to cause disgust than encourage the plan of partnerships in trade, which they would wish to favour by this edict.-The privileges of a travelling merchant are in like manner limited by the tenor of the 13th, as well in their extent as in their duration, that the least advantage cannot exist for a permanent establishment. -By the 14th, the term of negociation in wholesale ought to be defined into a new sense, and establish from it two different kinds; one in respect to foreign merchants, and the other for the interior trade. This short citation of the principal regulations, without many comments, clearly demonstrate how the tenor of this manifest will prove prejudicial to the interests of all strangers in general; and, in some degree, the conditions required of a Guest, or of a travelling Merchant, and still more the rank of a perpetual subject, become incompatible with the duties, the principles, and the sentiments of a Merchant of our country in particular.-If an augmentation of the Revenue of the Crown was only intended, it could easily be effected by some other stated tax, and we should find nothing to object to an imposition of certain customs on the extent of our commerce, or rather, in preference, on the amount of our duties; for, sooner than we will submit ourselves, whether to the arbitrary taxes of a Magistracy, where we have no vote or influence whatever, whether to the declaration of our funds, and of the particular conditions of our commercial partnerships, before a tribunal, of which the members are our rivals, whether to the payment of a heavy tax every time we shall wish to revisit our native country; ct, in fine, to all the other fetters, not less burthensome, which are the consequences of such a subjection, if even privileges and advantages infinitely more flattering were attached to it, the greater part of our countrymen, for such a length of time residents

in Russia, and many other creditable and respected foreigners, we have every reason to suppose, would believe themselves, through, the influence of this law, compelled to quit the empire. After that, it is scarcely probable that other individuals from our nation would dare to undertake to replace us in those commercial situations, which we have believed right to abandon.-Conimerce could then only be continued either by a direct correspondence of the commercial houses established in Great Britain, with the native Merchants of Russia, as yet imperfectly initiated in the affairs of trade of other countries, or with strangers, who would submit -to constraints to which we absolutely caunot conform.-There would appear an open presumption, and perhaps be even superfluous, if we should pretend to discuss the advanages or disadvantages which will accrue to Russia from this new system. We have no right to combat the opinion, which we believe to have remarked in this Manifest, as well in regard to their own subjects as in relation to their commercial resources; if we should speak what is our own opinion, it is to be feared that we should be accused of egotism, of jealousy, and perhaps of pride; otherwise we would not hesitate to affirm, that this very opinion, which has been insinuated by the authors of this innovation, is by no means well founded, as it aims at removing a body of Merchants, who, as well by their education as by their Jong experience, have proved themselves to be best capable to direct a trade, established and carried on upon the principles of wisdom and honour; instead of accelerating the progress of commerce of this empire in general, it would at one blow destroy the salutary effects which the enlightened and well-conducted politics of their predecessors have produced. For if we consult the annals relating to their trade with foreigners, the registers of duties and of merchandize exported and imported, the cultivators of products in their raw state, the artists and traders of every description (great and small), who are found dispersed in their extensive empire, it will be without doubt confessed that this country is not a little indebted for its present improvement to the English nations or can it even with justice pretend that it is already in a situation to excel those who have been their very support in every commercial point of view, in capital and in foreign credit. It is as if they would wish us to believe (if we may be allowed to make use of a metaphor just in itself and not too forced), ceforth their wretched axe alone could potion all the beauestion all the beau

tiful works of the cabinet-maker, for the accomplishment of which, until this period, they have been supplied with tools introduc ed by foreigners. Facts so impressive ought to render other arguments useless.-We fatter ourselves, that it is yet not too late for your Excellency to confute this system, or at least to object to those consequences arising from decrees, which, in every point of view, will not be less prejudicial with respect to the whole body of Merchants, than to that of our nation in particular. Your Excellency, undoubtedly, will deign to employ all possible zeal, and make use of every effort to this effect-The present si tuation of affairs requires the most speedy and decisive measures, and with submission, it appears to us that the talents of your Excellency can scarcely be directed towards an object, more important in its consequences, both commercial and political, to Russia and to Great Britain. (Signed by the Members of the British Factory.) St. Petersburgh, (dated) March 1807..

The original Memorial was written in the English Language, which his Excelleney caused to be translated to the French. The above is a translation from the latter.

FOREIGN OFFICIAL PAPER. ANNUAL EXPOSITION OF THE STATE OF THE FRENCH EMPIRE.At eleven in the morning of the 24th of August, his Majesty the Emperor Napoleon, being seated on his throne, received a solemu deputation from the Legislative Body, and another from the Tribunate. Upon this occasion, M. Fon tanes, the president of the former assembly, delivered the following interesting address

SIRE,The Legislative Body lays at the foot of your Majesty's throne, the address of thanks, to which they have unanimously agreed. It is offered, not so much to the conquerer, as to the pacificator of Europe. Let others, if possible, justly describe the wonders of your last campaign-the rapid succession of triumphs, by which a monarchy was overthrown and the still more beroic firmness, which patiently knew how to wait for, and prepare the day of victory, in the midst of so many impediments thrown in the way by fortresses, troops, and the inclemencies of the season. Let them direct our attention to those soldiers, who, equally indefatigable as their chief, lay encamped with him six months together, in the bleak fields of the North, braving alike the frozen winters of Poland, and the glowing summers of Syria. Finally, let them picture that state of continually threatened repose, which was at length to terminate in a dreadful explo