and then accelerates the money depreciation, and, in both cases, either in that which inspires a sense of insecurity, a feeling of alarm, or in that which lessens the value in the estimation of the individual, in either case, the public becomes a grand pensionary of the system, all their public sensibilities run in the one direction, and that an ignoble one; and all the better portions of our nature suffer an exhaustion, a privation of their proper feeling.

It would be a task well worthy of an ingenious pen, to give an essay on the moral effects of the paper system, its effects in changing the habitudes of national manners, and the strong features of national character.

For our parts, we cannot help thinking the effect on the body politic has very exactly corresponded to the effect of inordinate stimulus, or the use of ardent spirits on the individual. The extraordinary issue of fictitious money, has, for some time, had the same effect of a real increase of national wealth. It has stimulated speculation in all branches of trade. It has operated too as an universal cordial, a sort of Solomon's Balm of Gilead, which in raising the spirits, has also lulled the various complaints of the country, like a charm. In short, the spirit of speculation, and the spirit of distillation have had the same effects in intoxicating the people, and after the first effects are over, the bankruptcies, the commercial distress, may well be compared to that debility, fowness of spirits, and those vapourish qualms which too often indicate the progress of inward decay. Indeed we know of no political measure so similar to the paper system in its effects, as that of our Irish chancellor of the exchequer, in passing an Act for which the following would form the best preamble

"Whereas it will be useful to the revenue, to keep the good people of Ireland in a state of permanent intoxication, which would drown all their political anxieties, therefore be it enacted, that patriotic potations of whiskey may be purchased at the reduced price of four or fire shillings per gallon," &c.

The facility of obtaining discounts seems to have been the great root of the present commercial distress.Hence the swarm of traders, with little or no capital, thus irresistibly compelled to their own destruction. All the youthful mind went a madding to Buenos Ayres, &c. The manufacturers were kept busy, and all appeared in a state of unexampled prosperity. The gold in the. country was sold, while paper was used in its stead, and the profit resulting, certainly gave a new impulse to all sorts of industry. But when the bank of England became at ease in respect to calls on it for specie, the issue of paper overflowed far above all the natural demand of circulation. The bank restriction, or rather licence, was the primary evil which led to the facility of discount, which begot speculation without capital, which looked in vain for vent abroad, and then perished for want of consumption at home.

Now we conclude that the general effect of this paper system is to determine from all other pursuits of national or political concern, into one direction; to give a temporary flush of animation to the body politic (as drunkards are apt to call ardent spirits nourishment,) and then, to leave behind a callous insensibility, which always follows unnatural excitement, a prostration of vital power, in short, a public APATHY as extreme in degree, as novel in its nature,

In our last month's retrospect we brought down the proceedings in

parliament on the Regency to the passing of the bill through the house of commons. In the lords, the restrictions on the prince's authority over the greater part of the household troops, those trained bands of influence, were at first removed in the committee, and afterwards reintroduced on the report to the house through the assistance of the proxies of the absent peers. Thus the bill finally passed, and received the sanction of the great seal, being affixed to a commission for the purpose of expressing an appearance of the royal assent. The prince. then entered on his office of Regent. A change of ministry was immediately expected, but the prince declared his intention of continuing the present men in office for some time, till it was seen if the King's recovery was probable. Whether this measure was effected by the prospect of speedy recovery, backed by the earnest solicitations of the Queen, or from the difficulty of arranging a new administration from the discordant materials of the opposition, is not of much consequence to the people. If the present system is to be continued, it matters little to have it'conducted by men of some more ability than the present; a radical change and a complete reform can alone avert the dangers of the present crisis. The caut and persevering impudence of the present men, with all the whimpering, and stage trick of tears, played off in the house of lords, may well enough be set against the hauteur of Earl Grey, the adherence of Lord Grenville to the Pittite system, and the stand of George Ponsonby against popular encroachments. With the struggles of parties the people are little interested; we desire to see a struggle of principles, and the predominancy of those which would secure the rights of the people.

There is more cause to dread the systematic encroachments of power, than the ebullitions of popular fer

vor.

But all fears on either side can only be effectually removed, by a wise and prudent settlement, afxing the proper boundaries and li mits to each branch of the constitution.

During the discussions in the house of Lords, Earl Grey brought forward instances, grounded on the examination of Dr. Heberden before the committee appointed to examine the physicians on the state of the King's illness, that in 1804 the King had been similarly affected for several months, during which time, while the King was incapacitated, and under the care and control of physicians, many acts had been done in bis name, and the great seal affixed to commissions for expressing the royal assent to many acts of parliament. As lord Eldon had been Chancellor at this time, a motion was made to leave out his name as one of the Queen's council to examine into the future recovery of the King, before he again enters on his regal functions, but notwithstanding the glaring facts of Lord Eldon's former conduct, the motion was negatived.

The common council of the city of London have addressed the Regent. For a few years back this corporation have recovered their for mer tone, and thrown off the shackles with which for a time they had suffered themselves to be bound in the days of Pitt. As in other addresses lately proceeding from this body, they hold a firm, decided and manly language, and approach with the language of complaint as to the system which has been pursued. – Some expressions in the Regents answer might appear unfavourable to reform, if we did not cousider that circumstanced as he is

with the old ministry he can scarce. ly be considered to speak his free, open sentiments. He was surrounded at the time of receiving the address by the very men whose conduct was so forcibly reprobatel. Their feelings were probably not very soothing on the occasion. The address and answer are put on record among the documents; they may be valuable for future referrence. The Prince, much to his honour, has refused the offer of an establishment of a household for the present, from the praise-worthy motive of not adding to the burdens of the people. In another point of view, it was highly proper in hin to refuse. The ministry had thwarted his views to retain their power, and now at the expense of the people seek to gain his favour. The rejection of such an offer was in every respect an act becoming an enlightened prince.

We have lately another instance that provincial governments are seldom favourable to liberty, in the governor of Guadaloupe severely reproving the Attorney General of that island for siding with the people. As this island has been lately captured from the French, and the Attorney General is probably a native, perhaps fears were entertained of some revolutionary lava, yet remaining unextinguished. This dread of liberty by a short-sighted policy, in a great many instances appears to be laying up materials for future combustion.

It is difficult to ascertain with precision, what circumstances may retard or accelerate the progress of the revolution in South America, but sooner or later there can be little rational doubt of its becoming independent of the government of Spain; whether that country should, con-, trary to present appearance, remain ader the feeble administration con

ducted under the fiction. of Ferdinand VII. by assemblies possessing the appearance, but wanting the realities of that energy, which is possessed by the true representatives of the people, or whether it should pass under the wide extended grasp of French ambition. In either case, the independence of South, America is a very probable event. If Britain abandoning her usual selfish policy will content herself with leaving the inhabitants of that country to form their own government, without any officious interference on her part, many impor tant advantages may be reaped in the way of trade, but it has been the bane of Britain by a crooked policy to consider all other nations, as if formed for her exclusive bene fit, and to treat them only as subservient to her own selfish advantage. To show the capabilities of South America, we give from a new English periodical work, the Philanthropist, the following extracts on that subject.

"In point of extent, this region comprising the provinces of South America, which lie most contiguous to Europe, (the whole range of that delightful coast which stretches from the island of Trinidad, to the isthmus of Panama,) is equal to some, of the greatest kingdoms in Erope; equal, perhaps, to the anci ent kingdom of France. In point of soil, above all, in point of climate and position, with respect to commercial advantages, it is probably unrivalled by any spot on the surface of the globe. The city of Caraccas, for example, stands in a valley, the temperature of which only varies from that of a fine day of an English spring, to that of a fine day of an English summer. A chain of mountains, which intersect the country longitudinally, attains in parts, the height of perpetual frost.

The country is accordingly distinguished for an unexampled variety of productions of the soil; on the sides of the same mountain, and within the journey of a few hours, you find the most delicate and rare of the tropical productions, and the fruits and corns of Europe. In beauty and grandeur of scenery, Humboldt, a well informed witness, declares that it is unmatched by any thing which the old world had ever presented to his eye. With regard to commercial advantages, its po sition, within from thirty to forty days sailing of the most commercial part of Europe; its contiguity to the West India islands and to the United States; its command of the waters of the Oroonoko, which afford a communication with so vast a portion of the internal regions of that great continent; and above all the isthmus of Panama, when crossed by that navigable canal, which it will so easily admit, present, when put together so magnificent a picture to the imagination, that it is with some difficulty the mind can regard it as real. It shows like rhetorical exaggeration more than matter of fact. With regard to population (such are the effects of bad government and bad religion) the bill is a wonderfully short one. The number presented in the official' statements are very low indeed, not amounting to a million and a half. The real number is probably about a million more. Of these two-thirds are computed to be Indians. The remaining third is composed of Creoles, people of colour, and negroes, the latter, in this part of South America, but happily a small proportion. The Creoles, almost exclusively, are the people of property and education. A population formed of different races is an unhappy circumstance in any country. It is in general one of the most obstinate

1

causes of disunion; and of absurd preferences and depressions.

"It has not existed without producing of its bitter fruits in the part to which we are now attending of South America. But we have information on which we can rely, that the present extraordinary cir cumstances of the country have produced extraordinary effects on the sentiments and feelings of the people; have produced a disposition to concede on the part of the more exalted class and to be reconciled on the part of the depressed classes, a disposition which holds out a much fairer prospect than was to be expected, of that union, and amalgamation of the inhabitants, which must form the ba sis of a good government. In fact, the task will not be a very easy one which wisdom will have to per form in arranging the affairs of South' America. But real wisdom may undoubtedly approximate, and it is hard to say how near, to the most dɩ- ' sirable regulations."

If

The isle of France, the last of the colonies of France, has been captured. The garrison are to be conveyed to France, and not to be considered as prisoners of war. France lose her ships, and her colonies, she has more than a compensation in her unlimited influence on the continent. If her foreign commerce has been nearly annihilated, her powerful exertions against British commerce are producing at present an extraordinary and unexampled depression, and are severely felt both by Great Britain and Ireland. In a few years, France will probably build her manufacturing system to the exclusion of

ours.

We may soon expect some decisive issue to the long protracted warfare in Portugal. What that issue will be, has been often fore

boded in these retrospects, and the prospect certainly does not at present become any brighter. Poets, who have been proverbially characterised, as dealing in fiction, and who may seek to turn the efforts of their muse to some profit, may find themes of panegyric in the bravery of Irishmen, although they are suffering in an unavailing contest on a foreign shore, and may chaunt the praises of Lord Wellington, but these scenes require other reflections from the bards of freedom, while the politician will contemn, and the philanthropist will lament the unprofitable waste of blood and treasure, the sufferings of the actors, and the folly of the planners in such ruinous expeditions. This sentiment of disapprobation of the measures adopted in Portugal, remains in full force, notwithstanding the praises put by the ministry into the speech of the Regent in favour of the consummate prudence and perseverance of Lord Wellington."

The speech of the Regent announces a deficiency in the Irish revenue. This may be considered as a notice of fresh taxes to be shortly imposed. Since the union, the debt of Ireland has increased from 23 to 81 millions. Irish prodigality remains unchecked: the debt increases, and we are again to feel with diminished resources, and a bad trade, the vexations of fresh burdens, and the load of new taxes, while the public mind is still

It is painful to perceive that poets, who erewhile have sweetly sung in the cause of liberty, should give room to fear, that by falling in with the temper of the times they have turned, or are in dan ger of turning, apostates to the cause they once so virtuously espoused. If any such there should be, the grave of liberty would silently administer self-reproach, and in their own case they might write an epitaph on the living. May such see the danger in time, before they are farther ensnared.

BELFAST MAG, NO. XXXI,

farther irritated by the chief secretary's circular letter, reviving the convention act, the offspring of the harsh policy of 1793, so as to prevent the catholics meeting by delegation, to seek for emancipation. We see no prudence in thismeasure. The catholics at a meeting in Dublin, on the 23d instant, resisted an attempt to disperse them, and maintained their right to meet for the purpose of petitioning. Their conduct was

firm, but moderate.

A special commission has been just held in the counties of Tiperary, Waterford, and Kilkenny, for the trial of those guilty of the outrages lately committed in this quarter. Several convictions for outrages committed in that quarter have taken place.

We

Is IRELAND always, and only, to be seen by Great Britain, and by Europe, through the medium of a judicial procedure? Is a solicitorgeneral the only person to make an annual exposé, or rather exposure, of the state of this nation? doubt not of the facts which are de tailed, shocking and calamitous as they are, but such men of office do not, we may say dare not, proceed one inch beyond their professional, commission, in the exposition of causes which have led to these facts, or rather to the primary facts themselves.

Perhaps indeed THE JUDGES OF THE LAND might, in such cases, step beyond the verge of a special commission. Perhaps, in the sublime impartiality of their station, elevated as it is, or as it ought to be, above the foggy and foul atmosphere of party politics, looking, and only looking to the full discharge of that sacred responsibility, in which they stand, to their God, to their king, to their country, and to their conscience, (in itself an awful world,) bowing before the real image of