of others, who wait its periodical arrival as Europeans do a fhoal of herrings*; however, it is impofsible not to observe even in public calamities, the goodness of the creator, who renders his occasional instruments of punishment to one portion of the human species, constant blefsings to another. In a second letter, I fhall finish my sketch as far as intended by ARCTICUS. FRAGMENTS OF LORD BACON. Art of life. Continued from p. 172. and concluded. As it is characteristick of the human nature, in distinction from all others, to be inquisitive, fanciful, and religious, so in the subject matter of religion itself, it is of the nature of man to be indefinitely various and whimsical, and since it is conceded by the most rigid and self afsuming orthodox divines, that our Saviour came not to annull the obligations of natural religion, but to fulfil and direct them to our everlasting happiness, so it is no small part of the art of life, to prepare in old age for death, without harassing either ones self or others, with modes of faith, which, as to the main point of happiness either here or hereafter, is declared by the founder of our religion to be of no account. *We are told that John lived in the wilderness on locusts and wild honey. Now, as ever since the days of the emperor Constanstine, the church has been intimately united to the state, and supported by its authority, it is the part of a prudent man to enjoy his religious thoughts in private, and sacrifice his cock unto Esculapi us. Death may be compared unto a mathematical point, which is in itself nothing but a termination; and therefore it becomes a wise and a good man, rather to reflect in old age upon what is past, than what is to come, seeing that no material change can be wrought either upon his affections, or upon his understanding. He will do well to make himself acceptable to his relations and domestics, if he has any; and if not to those who are near unto him, and minister unto his necefsities in the feeblenefs of his condition. He will do well to meditate upon the manifold comforts and mercies of his past life, and to solace himself with the company of contemplative and worthy persons, who may, without gloom or superstition, converse with him upon the satisfaction that arises from the satiety of human pursuits, as relating to the objects of sensual desire, and of the happy state that is created by intellectual curiosity, and meditation; and resignation to the ordination of nature to which he is soon about to be subjected in death. Having long accustomed himself to the habitudes that make old age amiable and respectable, and now finding the infirmities and weakness of his body to increase, addicting himself to frequent prayer to the . father of spirits, he will be ready meekly to surrender his life unto him who gave it. Non jam se moríens difsolvi conqueratur, Sed magis ire foras, vestemque relinquere ut anguis End of the fragments of lord Bacon, on the art of life. AN INQUIRY INTO THE CAUSE OF THE PRESENT STAGNATION IN BUSINESS: : Ir is common enough for individuals to over-trade themselves companies sometimes do the same; but for a nation to over-trade itself, has scarce been apprehended before; yet as the symptoms are precisely the same as in the case of an individual when overtrading himself, we need seek for no other cause for the present distress in the trading part of the nation; for the amazing extent to which trade was carried on by the British merchants, was a good deal of it upon ficticious stock, for such is paper currency when ever it is issued beyond what there is a real deposit of property for the value. The very form of the promissary notes in circulation proves this, for they are all for value received, which is supposed to be the deposit, to answer the credit of the notes. But where (in too many cases) was the deposit, when it came to be called for? This fhews the bad effects of It may an unlimited ifsuing of paper currency." augment the imaginary stock of a nation, to any amount, while the real stock remains just the same, or is perhaps daily decreasing by a losing trade. As all over-trading has got the name of speculation; that is a person speculating upon an imaginary profit, that is to arise to him at some distant period, from the goods he is buying; and what has given so great encouragement to speculation is, the long credits given on goods bought up for the export trade, twelve months commonly. It is true if the merchant pays ready money, he gets a discount of 7 per cent. This is one way of raising the interest of money from 5 per cent. the legal, to 7 per cent, for so much every merchant pays who takes the credit. But how prejudical high interest is to the export trade of a country may be seen by the following example. Suppose an Englishman and a Dutchman, have each a 1000l. lying at interest in their respective countries; they meet and agree to employ this money in a joint venture, to a foreign market, and call in their money that they may buy to the best advantage. After eighteen months, they have their returns: the net proceeds amount to just 2150 1. The Dutchman finds * Does not the ingenious writer here use the phrase paper currency in too loose and indefinite a sense. The writer here seems to confound what is commonly called wind bills with real bills granted for goods received, in the usual course of businefs, which ought surely to be dis tinguished from this. It does not seem that any well founded censure can be applied to the discounting of real bills; and it was owing to the want of this accommodation that the best manufacturers have suffered so severely. No good reason seems yet to be assigned, why the practice of discounting these bills fhould have met with obstruction. Edit: 205 he has made 3 1. more than if he had suffered his money to continue at interest for the time; but the Englishman has not a penny more than just the interest of his money, so will probably return his money to interest again, while the Dutchman has encouragement to continue the trade. But suppose another merchant buys at the same time, and takes the credit as he pays 74 per cent. more for his goods, though sold equally well with the others, his net proceeds do not exceed the original cost, and as his bills falls due, six months before he has his returns, he is obliged to put off the time, by the help of bills of accommodation, which cannot be supposed" to stand him lefs than 3 per cent. as they would be to renew twice in the time; so that he loses just as much as the Dutchman gains, supposing all other circumstances equal. And so far the higher rate of interest and the long credit is against the export trade. To save this, so many merchants got into the trade of ifsuing pro miísary notes, instead of cash, in their payments: and thus trading upon an imaginary stock, no wonder if they extended their businefs beyond all rule of pru dence, and at the same time engrossing all the trade to themselves, as they had such an advantage over the merchant who was trading on real stock, as the outlay of the money must be reckoned by him as an article in the cost of his goods, viz. the interest the money would have brought him in the time, if he had not employed it in trade; whereas the others lay out no money, though they seem still to buy for ready money. The multiplicity of private banks, there |