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he does. It was not a love of ponip and splendour; it was no mean fear of a diminished income ; nor any extraordinary desire to be an object of fear, respect, or love to a numerous train of dependants that still kept Danvers from making a clean breast of it at once, and restoring his nephew, which he easily might have done, as he was in constant correspondence with Cloudesley. It was none of these; the spell consisted of that trembling fear of the world, whose vengeance Danvers dreaded to incur, by an exposure such as must necessarily attend the transfer of his title and honours during his life, to another. Danvers would face an army of foes; he had distinguished himself by courage in the field ; but the frown of the world, the unfavourable opinion of his own circle, had terrors for hiin, which cowardice, at its most creative moment, is scarcely able to conjure up.
Julian was growing a pace, and he began to consult more and more his own taste, as to his occupations and actions, and to look out for associations without the interposition of his responsible guardian. He contracted a variety of acquaintances, and much that is very amusing in these volumes relates to the adventures which he entered into in company with them. Cloudesley, from the moment that the fine and interesting faculties of Julian first opened themselves, seriously determined on doing justice to his charge: as the young man's good qualities became more confirmed, and as Cloudesley was more and more invited to contemplate them, his resolution took additional force, and every succeeding post to England brought stronger and stronger remonstrances to Lord Danvers against the further prolongation of a fraud so cruel. At last Cloudesley came in person to this country, for the purpose of more decisively conveying his determination to his employer. It was necessary that, during his absence from Italy, his charge should be transferred to a competent guardian, and a person being unluckily selected of so very different a character from Cloudesley himself, that he was disagreeable to Julian, who after a very short trial of his new superintendant, eloped from his house, and went on the world. The intelligence of the extraordinary flight of the young man just reached Cloudesley as he was demanding terms from Lord Danvers in England; no time was to be lost; he set out for Italy, without the delay of an instant, where he learned that the unfortunate youth, whom he loved as his son, had taken to the association of banditti, and was then partaking with them in their career of guilt. Cloudesley followed to the Appenines, in search of Julian; he faces indifferently the most perilous passes of those mountains, in one of which, being mistaken for a government officer, he is mortally wounded by a robber. Julian, in the meantime, is apprehended amongst a gang of the brigands, towards whom the government had but recently begun a series of active and vigorous measures. Thus far Lord Danvers had proceeded in his account of himself to Meadows, and as it was VOL. XIII.
only a confession made for the purpose of shewing how much confidence he reposed in this person, as well as in order to make him understand the nature of duties wbich he forthwith intended Meadows should be charged with, Lord Danvers instantly pressed him to become a successor to Cloudesley, so far as that was practicable. Meadows proceeded to Italy ; his first care was to endeavour to obtain the enlargement of Julian from the prison from which he was, in all probability, never more to depart, unless to a place of execution. The assistance of our ambassador was employed in favour of Julian, and evidence. unquestionable was adduced of his being entirely free from the guilt of the banditti, with some of whom only he was acquainted, and had followed them for no other purpose than the pleasure of their society. Meadows could not by all his exertions procure one ground of hope that the life of Julian would be spared, and he gives himself up to despondency. The day of execution, however, had not approached, before an intervention took place, which not only preserved Julian, but restored him to his long lost honours. Earl Danvers himself proceeded to Italy, voluntarily confessed the crime he had committed, and now gladly incurred all the shame that would attach to an exposure of the circumstances under which he had set aside the claims of the infant Julian, and villainously assumed the character that belonged to his nephew. Such is a brief outline of the story, which is, perhaps, sufficiently meagre for the melo-dramatic sensibilities of modern novel rcaders, but the imperfection of which will, to those who have a relish for more exalted and substantial intellectual food, be as nothing. The style of Mr. Godwin, which we think alone ought to obtain a place for his productions amongst the classics of our language, is really a model of its kind. The pure lustre of the chrystal is an apt illustration by which to describe the lucidness of his sentences, and the natural mode of his combining ideas. For the gratification which the perusal of such a work affords, the public are indebted deeply to Mr. Godwin ; but on another account also he deserves their thanks, for we do not hesitate to express our conviction that the work of so manly and powerful a mind will operate strongly on the literary circles of the country, and, therefore, that it will strike a deadly blow at that idol of vapidity and trash which has been literally puffed into the dominion of English Romance, we trust only for a time.
NOTICES. ART. XIII.--A Plan for redeeming the New Four per Cents., humbly
suggested to the consideration of His Majesty's Government. By John
Brickwood. London. 1830. The ground work of Mr. Brickwood's able essay is the proposition to establish a new stock, bearing interest of 5 per cent., to be irredeemable for fifty or sixty years; and instead of reducing the Four per Cents by
giving for each 1001. of such stock, an equal amount of stock paying interest at 3 per cent.,-- to reduce them by giving for each 1001. of Four per Cent. Stock, such portion of the New Five per Cent. Stock as shall return an equivalent amount of interest. For instance, instead of giving for each 100l. stock now receiving 4l. per annum, 1001.- stock, receiving 31. 10s. per annum, to give 701. stock of the New Five per Cents., which would produce the same sum of 31. 10s. per annam.
This system, by which it will be presently seen that immense saving may be effected, is obviously exaetly the converse of the plan by which Mr. Pitt imposed such enorinous burdens on this country. We need hardly repeat that that minister, when the market rate of interest was about 51. 2s. per cent., instead of borrowing money at that rate which could have been reduced on the return of peace, gave an equivalent additional amount of 3 per Cent. Stock, so that, on the average during the war, the state only received about 591. for every 1001. of 3 per Cent. Stock ; which 591. of debt we can now only redeem by paying between 901. and 1001. Mr. Brickwood's plan is to borrow money by stock bearing interest above the market price, which stock the state is pledged not to redeem for sixty years, but which of course would be redeemed when the engagement for that period terminated. In this manner 46,000,0001. of the public debt will be cancelled, and not only 780,7131. per annum be saved by the less annual charge of interest, but also 14,0521. per annum by the decrease in the charges for management.
As it would be optional with the holders of the 4 per Cent. Stock, whether they would receive such transfer of 5 per cent. Stock, or whether they would receive their money for more profitable investment, obviously no hardship would, by such transfer, be imposed on the national creditor. And not only is it expedient, but absolutely just towards the nation, that ministers should alleviate the public burdens to the utmost of their ability, and not give more than their just value for funds with the care of which they are entrusted.
That the change would be advantageous to the majority of the nation is very evident; that it is also practicable, our author puts beyond doubt.
• The following estimates,' he says, p. 9, shew the real value of the proposed New 5 per cent. Stock, irredeemable for sixty years.
First, as to the rate of interest. The Bank of England and the Branch Banks are lending money at 3 per cent. for short periods, and discounting bills of exchange at 4 per cent. for long terms. In consequence of this, the bankers and country bankers, in the spirit of competition for business, are lending money to their customers at 2 per cent. and 3 per cent. Evidently any sunis may be raised on good security at 22 to 4 per cent. If a person wishes to invest money in Exchequer Bills, he must pay a premium of even 31. 15s. to 31. 17s. for a security yielding only 21. 5s. 7 d. interest per annum.
• It appears, therefore, that a rate of interest between 3 and 34 per cent, may fairly be assumed as a ground of calculation. And were it not for other circumstances of the country, which check the advance in the price of stock, probably the rate of interest would be decidedly under 3 per cent.
"Secondly, as to the real worth of the proposed new stock. It will consist of two values, -that of the capital, and that of the annuity of 51. According to the tables of the new annuities for terms of years, the price of 51. per annum continued for sixty years, added to the present worth of 1001. to be received at the end of the term (ascertained by Dr. Price's Tables), will give the real value of 1001. capital of the proposed new 5 per cent. stock.
, • When the price of 3 per cent. stock, ex dividend, is from 931. 6d. to 941. 9s. 9d.
• The price of an annuity of 51., continuing for 60 years, is £132 19 10 • The present worth of 1001., to be received at the end of l 12
60 years, discounting at 34 per cent. is . . .S *1001. new 5 per cent. stock, irredeemable for 60 years, worth £147 13 4
501. stock, worth the half that sum .
* Consequently 701. stock (the proposed equivalent) worth £103
Again, p. 13. • This hypothesis is further supported by the present actual price of 3 per cent. consols at . £93
531 • By adding 2-3ds.
• This would give £155 as the value of a stock paying 5 per
cent. per annum. • If 1001. new 5 per cents. be worth 1551., · · Then 501. stock, worth the half of this sum. . . £77 10 0 201. do.
one-fifth do. . . . 31 0 0
701. stock (the proposed equivalent) worth;
Such is the general outline of Mr. Brickwood's plan, the ingenuity and importance of which are strikingly obvious. On some of the speculations which are advanced in the subsequent portion of his Essay, we cannot give him our concurrence, particularly with regard to his proposal to apply the surplus of revenue to the reduction of taxation, instead of to the diminution of our debt. But these are distinct subjects of controversy. In the leading features of his pamphlet, we agree with Mr. Brickwood, and refer our readers to his pages for a more minute investigation of his doctrines.
Art. XIV.--Representation of the State of Government Slaves in the
Mauritius : with observations. By a Resident who has never possessed
either land or slaves in the Colony. London: J. Ridgway. 1830. We have known few instances of persons having a long opportunity of observing the conduct of slaves, who did not speak of their einancipation as a thing devoutly to be avoided. We are not, however, the less satisfied that emancipation is the goal to which justice and humanity will ultimately lead, not alone this country, but every other state whose commercial system
is stained by the maintenance of slavery. The individuals who are conversant with the present race of slaves, no matter where, are but too apt to raise theories for the future out of the imbecility and degradation which they daily witness. It requires a more than ordinary reach of understanding in an European, to reconcile with what he observes of negro life in any of our colonies, the possibility of negro equality with civilised beings. All that comes within the cognisance of such a spectator on a plantation, is calculated to inspire him with a confidence that slavery is destined to be perpetual. The mistake, however, in the conclusion is this, that the slave is seen only in that condition to which slavery has brought him, and he appears to be fitted to his chain only because the chain was first fitted to him. Really nothing disturbs our equanimity more surely than the projects of those good easy gentlemen quoting scripture in every second page, and breathing panegyrics upon the beauties of religion, and who are after all prepared to protract the night of slavery over the race of devoted Africa. There is a very remarkable partiality in all such persons to the religious improvement of the slave; it is supposed by them to be a powerful aid to that “gradual amelioration,” which they expect will be accomplished somewhere about the year twenty thousand. The colonists were not aware until lately of the use to which they could turn the Christian impressions of the slave. The religion of Christ is one of humility, of self-denial; it inculcates meekness and obedience ;-nay, a passive spirit, and that, too, under the severest provocation, is the recommendation of the apostles. Slaves would not be able to appreciate the nice distinctions which that religion recognises ; and they, of course, would be incapable of believing that whilst it teaches peace it will justify hostility on certain occasions, that whilst it inculcates general submission to authority, it does not condemn resistance to tyranny; and, that though misfortune is to be endured without repining, it is not profane in the pious Christian to seek its termination by all legitimate expedients. We confess that we have somewhat of the same reluctance to agree to the suggestions of our author, who is so anxious to turn the stream of religious instruction into the Mauritius as the only sure means of improving the condition of the slaves, that was entertained by him who uttered his apprehensions in the classic poem, “ Timeo Danaos et dona ferentes.” We fear that the colonists have found out a use for Christian instruction which Christianity was never destined to contri. bute to.
After all, there is very little to be apprehended from individual partialities on a question of this nature. Our government is far too much interested in doing what is just and right, to allow us to fear that any particular interest will, even for an hour, experience a preference from the government, which would be inconsistent with the general good. This is a conviction which is settled in our minds, and therefore we may well amuse ourselves with the sincere proposals of the foolish, or the interested projects of the designing.
Art. XV.-Lessons on Objects, as given in a Pestalozzian School at
Cheam, Surry. 8vo. pp. 194. London: Seeley and Sons. 1830. Pestalozzi, the founder of a peculiar system of education, has, we know, been numbered by many an intelligent person, amongst that class of