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B. a merchant in London, to the amount of th and C. another merchant in London, fhip D. another merchant in Bourdeaux, to the twenty-one pence Sterling, B. must either three livres to A. or A. must draw a bill that sum; and the same thing must happen b and C. with regard to the twenty-one per finding that he must remit this twenty-one pe finds that A. has credit with a merchant in for three livres; and finds likewise that he ca chase goods in Bourdeaux for less than that s will produce in London, after paying all twenty-one pence; he is therefore well please A. three livres for his draft on B. for tw pence Sterling, which he remits, and there dates the debt. In this case, the reader will that the exchange is at the rate of twenty-o Sterling per ecu, because a bill on London for one pence, is sold in Bourdeaux for an ecu; and at the same time, perceive that the amount of from London is three livres, because the pe London receive that sum in return for the said while the imports from Bourdeaux amount to one pence, because the London merchants g sum only for what they have received: now f much silver or gold are contained in twenty-on and how much in three livres; if the forme greater, then the balance of trade must be

livres, being the amount of the goods imported, and

vice versa.

I need not enlarge on the effects that would take place if the exports from the one place to the other were greater, or lefs in proportion to the imports, nor on the causes that would induce a holder of a bill, such as A. to accept, or refuse of the price offered to him by a purchaser, such as D; nor fhall I take notice of the reasons of the person on whom the bill was drawn, such as B. being willing or not that it should be drawn to the amount specified in my example, or any other, as the reflecting reader will see that the rate of exchange is, primarily, occasioned by the quantity of exports and imports; and secondarily, that the rate of exchange, like the price of goods, will, in some degree, affect the extent of these exports and imports.

Before I conclude this article, allow me to observe with what beautiful simplicity nature hath provided a sure and certain remedy for every excefs of this kind, without the interference of magistrates or legislators. Whenever the exchange becomes great against any one nation, it induces that nation, in whose favour the exchange is, to buy as much of the produce, or manufactures of the other as it can; because the purchaser has the advantage of the whole amount of the exchange in his favour. In like manner, and from the same cause, the nation against whom the course VOL. vii.

favourably situated country encouraged, w of the nation, which glories in its present a are proportionally discouraged. In conseq this increased demand on the one hand, and t nished demand on the other, it is easy to see, very short time, if government does not th course of nature by some absurd regulations, will soon come to rights, and the course of e resume its natural balance. For some centur Europe has been attempting, by means of com treaties, and other similar wise measures, to the course of nature: But this cannot be don hope the time is at hand, when sober sense, in monopolizing principles, fhall direct the com legislations of Europe.

A.

SCETCH OF THE LIFE OF

JOHN, EARL OF MARR.

[Continued from p. 46.]

CONCERNING the part taken by the earl of Mar Angus, Glencairn, Gowrie, and the other frie Morton, to revenge his condemnation and death in the banishment of Lennox, in consequence of sefsing the kings person at Ruthven, I fhall forbear patiate, as belonging rather to history than to bieg

Marr, together with Angus, and the other afso in the seizure of the king at Ruthven, were atta by the parliament, on the 22d of August 1584.

Lord Marr had passed over into Ireland, as soon as he found it impossible to remain in Scotland with any advantage to his friends, or safety to himself; and there he made some advantageous conditional purchases of estates, looking forward to a change of affairs at home. From thence he came over to the court of queen Elizabeth, where, with the other banished lords and gentlemen, he was honourably and cordially received.

As hereditary governor of the castle of Stirling, he was at the head of that patriotic association for the expulsion of Arran, who took possession of that fortress on the 2d of November. For which act of violence, he not only, in common with his associates received an indemnity from the king and estates of the kingdom at their meeting of the 10th of December, but was re-admitted to the particular confidence and favour of James, who instantly restored to him the castle, and lordship of Stirling, together with his estates that had been alinenated, or vested in the crown, in consequence of his attainder.

Not long after, he bestowed upon Marr, in marriage, he being now a widower, the lady Mary Stuart, second daughter of Esme duke of Lennox, the king's kinsman, and unfortunate favourite, of whom Marr had become deeply enamoured, not only on account of her beauty but her amiable qualities *.

* Marr, as was the superstitious custom of the times, had listened to the nonesense of an Italian conjurer, who fhewed him a limning of a lady whom he said Marr's future sweet-heart and wife resembled, and Marr thought he observed these features in the lovely daughter of Lennox. He had heard she was destined, by the king, for another, and wrote a plaintive letter to James, saying that his health had even begun

tuition; and with him that amiable and p prince remained at Stirling or Alloway, du nonage, where there are many reliques of tha young prince's youthful amufements, and, others, the clubs with which he played at th cricket, or game of the golf t.

In this charge of the heir of the British ki Lord Marr was assifted by his mother Anabella tess dowager of Marr, who was afterwards m noured and revered by the prince; fhe havi nurse to his father, and probably saved him f fangs of Bothwell. For the earl of Marr he moft heart-felt affection and esteem; and w parted from Marr, when prince of Wales, going to London, he burst into tears.

King James, who was troubled by a shrew of as have been many other kings and honest men, her adverfe to Marr, in the tuition of his son, a gaged with chancellor Thirlestone, and other of her party, in attempting, by means of the cou state, to supersede him in this important charg the king with a fortitude above his general cha came suddenly from his huntings at Falkland to suffer from the fear of disappointment. The king visited M said to Marr," by G-d ye fhanne die Jock for ony lafs in a th

Prince Henry was born on the 19th of February 159 christened on the 1st of September, being presented in the chappe the countess of Marr to the English ambassador, by him to Lo duke of Lennox, lady Marr's brother, and by him again to th tefs of Marr, who held his royal highness till the time of baptis

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