though we may differ from him in the length to which he carries his conclusions, we are disposed to regard him as intimately acquainted with the subject, and as giving proof of the ability which we ascribed to him in our criticism of his former work, nearly nine years ago. V. Lord Lauderdale on the Depreciation. This nobleman may now be termed a kind of veteran in questions of political economy; and, in reviewing his principal production, the "Inquiry into the Origin of Public Wealth," (M.R., N.S., Vol. xliv.) we bore a favourable testimony to the extent of his reading, though we were obliged to dissent from several of his conclusions. A similar declaration is required by the two productions before us, on the Bullion-question. In his first pamphlet, he confines himself strictly to the proof of the existence of depreciation, and enters (p. 25.) at considerable length on an examination of the arguments of those who ascribe the state of our continental exchange to an unfavourable balance of trade. Among the variety of curious matter introduced in the form of notes, we find (pp. 52, 53.) an estimate of the quantity of the precious metals annually added to their circulation in the world. The object of this statement, and of a great portion of argument which appears to us almost superfluous, is to shew the impossibility of specie rising in value while its quantity is on the increase. A point of a different nature, and less known to the public, is brought forwards in a subsequent part of the pamphlet, (p. 62.) in an account of a notable trial, in July 1811, before the Court of King's Bench. The case was intitled Dennison v. Tollett, and stated that an agreement had been formed between Messrs. Lowndes and Batteson of Liverpool on the one part, and Messrs. Dennison, Rainier, Thellusson, and others, eminent London merchants, on the other part, to support the credit of the former by the acceptances of the latter, which acceptances the Bank of England had agreed to discount to the extent of 100,000l. The Bank kept its word, and discounted the bills three times over, for they were as often renewed: yet still this aid, as is almost always the case in bill-accommodations, proved ineffectual; Messrs. Lowndes and Co. becoming bankrupts, and the investigation of their affairs leading to an exposure of the transaction. The assistance of the Bank was undoubtedly well meant: but after such a discovery its advocates cannot allege that its discounts are confined to bona fide transactions, or prevent their antagonists from saying that, were the Bank liable to pay in specie, no loans of such magnitude could be supplied. The noble Earl next proceeds to argue that the independence of the Bank with respect to Government affords no effec N 3 tual tual preventative against depreciation. Paper-money falls much faster, he allows, when circulated by a government: but it will still fall, if in excess, however popular may be the constitution of the body that issues it. Nothing will be found effectual in upholding its value but a limitation of its quantity; in proof of which his Lordship remarks that, in France, at the beginning of the Revolution, an emission took place in assignats, to the amount of 700,000l. sterling: a sum, which, though issued without any security, was too moderate to suffer any fall till it was followed by others of very different magnitude. Similar examples of maintaining the value of paper for a season, by limiting its amount, are furnished by the history of our North American colonies a century ago, and more recently in the war for their independence. In both cases, the subsequent course of events proved that depreciation invariably follows the undue increase of quantity. Moreover, adds Lord L., the early history of the Bank of England itself confirms this conclusion, and is replete with lessons of instruction directly applicable to our present state of embarrassment. At no period, he says, was more firmness exhibited in maintaining, against popular opinion, measures which a very critical situation of affairs rendered absolutely necessary for the salvation of the country. The manner in which our coin has travelled abroad, while our paper has remained at home, is very clearly explained by his Lordship (p. 172.); though we are not fortunate enough to have him on our side with regard to the operation of mercantile causes in aggravating this mischief. Neither can we flatter ourselves that he would agree with us in considering the depreciation of our bank-paper as smaller with reference to domestic than to foreign commodities. We are thus at issue with his Lordship on several material points, and must confine our testimony of approbation to the extent of his reading, which is abundantly shewn by the mass of information interspersed throughout the notes. VI. In his second tract, Lord L. goes a considerable way farther, and discusses the means of restoring our circulating medium to a salutary state; while he explains the manifold injury sustained by the public, as well as by individuals, from our present pecuniary system. He every where affords evidence of long continued attention to the subject: but we see little reason for enlarging on the scope of his labours, since the course of public affairs promises soon to put it in the power of Government to redeem the irregularity of our currency. It is equally unnecessary to notice his Lordship's arguments against a perseverance in the present system, because the country at large seems to be decided in a wish to depart from from it; and the ministry, at least since the elevation of Lord Liverpool, appear to participate cordially in that desire. Under this impression, we decline to enter on the contents of Lord L's second pamphlet; and we shall merely remark, that his tables in the Appendix afford several documents and calculations which will be useful to the investigators of the Bullion-question. They contain a long list of local tokens, with the weight and value of each; as well as a variety of estimates, exhibiting the difference in value between a sum paid in notes and a sum paid in coin. With these are inserted several letters from different parts of the country, all concurring in the necessity of resorting to local tokens, and in the disappearance of the silver money issued some time ago by the Bank. Our readers may remember that considerations of this nature induced Mr. Vansittart, in the last year, to withdraw an intended motion for calling in the tokens which had been circulated by private individuals. ART. XIII. A Selection of Irish Melodies, with Symphonies and Accompaniments by Sir John Stevenson, Mus. Doc., and characteristic Words by Thomas Moore, Esq. The Vth Number. Folio. 155. Power. WE E not long since took notice of the first four numbers of this very popular work *; and having then given our opinion at some length on its general design and merits, little remains for us now to perform. The character and execution of the 5th Number do not materially differ from those of its predecessors; yet we think that, on the whole, something is observable of that wane, or decline, to which Mr. Moore alludes in the advertisement prefixed: It is not,' says he, so much from a want of materials, and still less from any abatement of zeal or industry, that we have adopted the re. solution of bringing our task to a close; but we feel so proud, for our country's sake and our own, of the interest which this purely Irish work has excited, and so anxious lest a particle of that interest should be lost by any ill-judged protraction of its existence, that we think it wiser to take away the cup from the lip, while its flavour is yet, we trust, fresh and sweet, than to risk any longer trial of the charm, or give so much as not to leave some wish for more. In speaking thus I allude entirely to the airs, which are, of course, the main attraction of these volumes; and, though we have still many popular and delightful Melodies to produce, yet it cannot be denied that we should soon experience some difficulty, in equalling the richness and novelty of the earlier Numbers, for which, as we had the choice of all before * See Rev. for June, 1813. us, we naturally selected only the most rare and beautiful. The poetry too would be sure to sympathize with the decline of the music; and, however feebly my words have kept pace with the excellence of the airs, they would follow their falling off, I fear, with wonderful alacrity. So that, altogether, both pride and prudence counsel us to stop, while the work is yet, we believe, flourishing and attractive, and, in the imperial style, "stantes mori," before we incur the charge either of altering for the worse, or, what is equally unpardonable, continuing too long the same.' The present Number contains twelve airs, seven of which are harmonized for two or more voices. The first air is the well-known " Alley Croker;" and our readers will no doubt be glad to see how Mr. Moore has trodden on the ground which has been already traversed so often by others: Shoots up, with dew-drops streaming, As softly green As emeralds seen Thro' purest crystal gleaming! 'Oh the Shamrock, the green, immortal Shamrock ! Chosen leaf Of Bard and Chief, Old Erin's native Shamrock! 2. Says Valour, "See, Those leafy gems of morning !"- For me they grow, My fragrant path adorning !" But Wit perceives The triple leaves, Saint Patrick is said to have made use of that species of the trefoil, to which in Ireland we give the name of Shamrock, in explaining the doctrine of the Trinity to the pagan Irish. I do not know if there be any other reason for our adoption of this plant as a national emblem. Hope, among the antients, was sometimes represented as a beautiful child, "standing upon tip-toes, and a trefoil or three-coloured grass in her hand." ' And And cries, "Oh! do not sever Love, Valour, Wit, for ever!" Oh the Shamrock, the green, Of Bard and Chief, immortal Shamrock! Old Erin's native Shamrock !' The music belonging to these words contains nothing that is new, or worthy of remark: it is the simple old air, with symphonies in the style adopted by Sir John Stevenson throughout this work. The air called Molly, my Dear,' follows next, and is open to rather more observation. We must quote two lines of this song to serve as foundation for the remarks which we have to make: • At the mid hour of night, when stars are weeping, I fly To the lone vale we lov'd, when life shone warm in thine eye.' Now we will appeal to any of our readers, (nay to Mr. Moore himself,) whether these lines are allowable as verses; and we may, with equal confidence, ask any who are conversant with music, whether a succession of notes expressing such lines, without any repetitions or divisions, can be called an air? The phrases in this music consist each of five bars, which we believe to be equally contrary to the soundest rules of composition and to the practice of the best masters. Such a piece ought not, at this time of day, to be brought forwards as beautiful: it is to our ears perfectly barbarous, and worthy only of the earliest and rudest age of the science. The last Rose of Summer,' to the tune of "Groves of Blarney," has great beauty, and the air is delightful. I. 'Tis the last rose of summer, Left blooming alone; 2. I'll not leave thee, thou lone one! To pine on the stem; Since the lovely are sleeping, Thus |