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(This signifies that cither one or the other of the contending parties must be exterminated.)

His Majesty orders Yihshan and Lungyan, Hoo, E, Lin, and Tang, to put in readiness the troops, and most peremptorily make an entire end of the whole, not allowing even one luckless barbarian to escape back to his country; and furthermore, he (the Emperor) will summon a great army, that from the north they may be exterminated, by destroying their nests and dens (in England and India), thus cutting them off both root and branch, and not allowing them one foot of ground-all in order to appease his Majesty's imperial wrath! As for Keshen, who is accused of receiving bribes from the enemy, he is disposed of in a summary manner, the Emperor ordering that he forthwith be cut in sunder at the waist. His Majesty also orders all who officially attended him, whether great or small, his relations, and all who appertain to him, to be decapitated indiscriminately! He disposes of another unhappy wretch, Paoutsung (accused of traitorously combining with the English), by ordering him to be put to a slow and ignominious death, by having his flesh cut from his bones in

small bits; and, further, that his native place be laid waste for 100 le round, and his relatives be sentenced to the penalty of transportation!

His Celestial Majesty concludes his bloody proclamation as follows:

"Let the peacock's feather be plucked from the cap of Yihshan for his imbecility and tardiness in bringing forward the troops; let Lungwan be disgraced two degrees of rank; and let Yangfa be deprived of the truly brave rank of How; and let every officer in the province of Canton, whether high or subordinate, be deprived of his official button, until they make good their delinquencies by efficiency of effort. Respect this."

The report of Generalissimo Yihshan, on the result of the British attack on Canton and the ransom of the city, has not, unfortunately, come to light ;* which is much to be lamented, as, judging from the Emperor's gracious reply, it would probably tend to enlighten the British Government on the veracious reports our Plenipotentiaries and Generals think fit to make, trusting to the distance and difficulty of obtaining other information for impunity.

THE EMPEROR'S REPLY TO the GeneraliSSIMO YIHSHAN'S REPORT ON THE ATTACK ON, AND RANSOM OF, THE CITY OF CANTON, on THE 24TH AND 25TH OF MAY, 1841.

In a despatch from the great military Council to the imperial Commissioner and rebel-quelling Generalissimo Yih, the selected assistant great Ministers, Lung, Yang, and Tse, the Governor

In the Chronicle, p. 86, will be found a Chinese report of these opera

General of the two Kwang, Ke, the General of Kwangchow district, Ko, the Fooyuen, E and the Footun Yuh, the following imperial edict was enclosed:

"On the 29th of the 4th moon

tions, which probably repeats the substance of Yihshan's despatch.

(June 18) we, the Military Council, received the (following) imperial edict :

"Yih and his colleagues have reported that the English barbarian ships attacked the provincial city, but the troops who guarded it feared not for its safety, and affairs were managed according to the emergencies of the

case.

"On looking at the report, I thoroughly understand the whole of it. The English barbarians, after engaging, have twice retreated before my troops: thus the affair has already become weakened, and the strength (of the English) has been strongly pressed upon whenever put forth in the battle's strife.

"The said barbarians are like dogs and sheep in their disposition

"A dog in forehead, but in heart a deer;'

they are not worth an argument.

"Moreover, they have already been chastised and repressed, and the terrific majesty of my soldiers has already been manifested, and the resident inhabitants of the city have, through their multitudinous troubles, presented petitions.

"Further, it is authenticated that Yishan has reported that the said barbarians doff their caps and perform the proper ceremonies, and have begged and prayed that he will transmit their report, imploring for favour. I, the Emperor believe in you (the said high officers), and that the trouble and vexation of your minds (through the prayers and supplications of the people) drove you to extremities, or forced you to temporize, and induced you to request me to allow the (English) trade.

"The said Generalissimo should enjoin severe orders on the said barbarian officer that he immediately retire every one of his ships of war, and send them to the outer ocean, surrender all the batteries, and be implicitly obedient to the laws; then only may they merely trade, according to custom, nor allow them in opposition to the prohibitions to smuggle opium. But if they dare purposely to oppose the prohibitions, then decidedly no indulgence shall be shown, nor any excuses allowed.

"I direct the Generalissimo and his colleagues to meet the Governor and Lieutenant-Governor, and with all their hearts, and souls, and strength, to consult on and devise plans of management; and when every thing is safely settled, to report all the particulars.

"It is impossible to fathom the dispositions of the barbarians; and it is right to prepare secret means of defence, nor should there be the least degree of negligence or remissness; wait until after the barbarian ships have retired, then quickly resume possession of the forts, and guard and maintain the important passes, and such-like places.

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Build new and strong forts, and put the old in the best possible state of defence. If the English barbarians evince any disposition to be proud and domineering, then the troops should be led on to exterminate them; for it must not be, because favour has been bestowed on them, that their extortions in all matters should be unopposed.

"Here is a supplementary re

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the resident inhabitants beyond the walls have been burnt.

"I order Ke and E immediately to depute officers for the special purpose of examining clearly, to tranquillize, soothe, and compassionate the people. As there is stored up in the provincial treasury 2,800,000 taels weight of silver, I order arrangements to be made for the Hong merchants to replace it by instalments in successive years; permit no specious delays. I also order that when methods of management have been consulted and determined upon, they be carried into effect.

"Forward this edict at the rate of 600 le a day, and order all men quickly to inform themselves of its contents.

66

Respect this.""

And the following despatch of the Imperial Commissioners not only tends to confirm Yihshan's report, but will show in what light the officials of China choose

to represent the vacillating conduct of our Plenipotentiary.

"Keshen, a great Minister of State, and Imperial High Commissioner of the second order of hereditary nobility, and acting Governor of the two Kwang provinces, writes this despatch for the full information of the Tungche, or Keunmingfoo of Macao.

"The English barbarians are now obedient to orders, and, by an official document, have restored Tinghae and Shaheo; invoking me with the most earnest importunity that I should for them report, and beg the (imperial) favour.

"At present, all affairs are perfectly well settled. The former order for stopping their trade and cutting off the supplies of provisions, it is unnecessary to enforce; it is for this purpose that I issue these orders to the said Tungche, that he may obey accordingly, without opposition. A special despatch."

528

MISCELLANEOUS.

FORGERY OF EXCHEQUER BILLS.

About the middle of October the attention of the mercantile men of the city, and especially of those whose business was most connected with the Stock Exchange and monetary affairs, was drawn to certain anomalous transactions in Exchequer Bills, which excited much surprise and suspicion. It appeared that some unknown parties were in the habit of borrowing money to very large amounts, upon deposits of Exchequer Bills, and that on the loans so obtained they were willing to pay very large interest, so much as 6, or even 7, per cent. These securities, at this time, bore interest about 3 per cent., while loans were usually obtainable in large sums, for temporary purposes and upon less eligible securities at considerably below the current rate of interest in the discount market from which it was inferred, that if these transactions were bonâ fide, the loans might have been obtained without such a sacrifice, or, if required for a longer period than usual, the capital could have been realized by the sale of these documents. It further appeared, that these transactions had the same origin, and that the parties were known to have been engaged in gambling speculations of a very reckless description, and chiefly in Spanish stock, by which very large sums had been lost.

Attention having been drawn to

these things, it was soon ascertained that some, at least, of the bills, bore the same numbers as others in circulation at the same time. Any inferences, however, that might have been drawn from this circumstance, were neutralized upon reference to the Exchequer Bill Office, when it was found that two sets of bills, made under distinct Acts of Parliament, were in circulation, of which a certain quantity bore the same numbers. It was, however, at the same time discovered that the parties who had deposited the bills in question, had exacted a pledge from the lender, that these bills should not be put into circulation but the identical documents returned, and that in one case where a bill had been accidentally passed away, the greatest exertion had been made to trace and recover that bill.

Suspicion as to the genuineness of these bills was, moreover, again excited by the discovery that three sets of bills, bearing the same number, and purporting to be issued under the same grant, were in circulation, rendering it evident that some fraud had been committed; and the attention of the Chancellor of the Exchequer having been drawn to this circumstance, a searching investigation took place, which resulted in the arrest of Mr. Edward Beaumont Smith, a gentleman holding the

appointment of Senior Clerk in the Office for the Receipt of Exchequer, Mr. Ernest Rapallo, a stockbroker, and other parties.

As some of our readers may not be aware of the nature of these securities, the following brief account of their origin and nature may be useful. In the 8th and 9th year Will. 3rd, the expenses of the war with France having far exceeded the available resources of the kingdom, Montagu, the Chancellor of the Exchequer, (afterwards Earl of Halifax), recommended that the supplies for the ensuing year (1697), should be raised during the current year, (1696), and Parliament having passed a resolution to that effect, the Chancellor of the Exchequer was authorized to issue bills upon the security of the Land-tax, of such various amounts as might seem expedient. Exchequer-bills are, therefore, promissory notes, in anticipation of, and secured upon, the revenue yet to be collected. In the following year, however, in consequence of the increased demand for money, these securities fell to 40 per cent. discount, and in order to restore the credit of Government, and to make them a more acceptable security, an act was passed, making them payable into the Exchequer in respect of all taxes and aids, and granting interest upon them at the rate of 5d. per day per 100l. From this it will be seen that Exchequerbills cannot fall below par, except under very extraordinary circum stances, because Government must receive them at the value they purport to bear; but being a very available and current security, merchants are frequently willing to give more for them than their nominal value, and they are then at a preVOL. LXXXIII.

mium. In passing, therefore, from hand to hand, an Exchequer-bill, say for 100l., brings 1007, and as much more as the merchant thinks fit to give as a premium for the security, and besides, as much interest as may have accumulated upon it from the date of its issue.

Soon after the passing of this statute, and before its full effect was perceptible in raising Exchequer-bills to their full value, a very extensive fraud was discovered, founded upon the peculiarities above noticed. The parties were Government officers of very high rank-Duncombe, Receiver-general of Excise, Burton, an officer in the same department, Knight, Treasurer of the Customs, and Marriott, a Deputy Teller of the Exchequer; the mode of perpetrating the fraud was the following:-Duncombe having received 20,000l. in coin on account of the Excise, with a portion of this sum (7,000l.) purchased Exchequerbills at a discount of 5 per cent. and then procured these bills to be paid into the Exchequer on account of the Excise at par, thus pocketing the difference. Duncombe was tried and acquitted, but evidence having been procured from a confederate, the House of Commons took up the matter, Duncombe and Knight, who were both Members of the House, were expelled and sent to the Tower, Burton was committed to Newgate, and the House passed a Bill of Pains and Penalties against Duncombe.

The House of Lords, however, were less earnest, and the whole parties ultimately escaped punishment.

This mode of raising money proving very convenient to Government, other sums were raised by the issue of Exchequer-bills 2 M

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