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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
14 13 6 60 years, discounting at 34 per cent. is
• 1001. new 5 per cent. stock, irredeemable for 60 years, worth £147 13 4
Consequently 701. stock (the proposed equivalent) worth £1037 4 Again, p. 13. • This hypothesis is further supported by the present actual price of 3
per cent. consols at £93 • By adding 2-3ds.
• This would give £155 as the value of a stock paying 5 per
cept. 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
31 0 0
701. stock (the proposed equivalent) worth . £108 100 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 ernancipation 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
well intentioned enthusiasts, who devote their lives to some impossible scheme of human improvement. But no imputation can be more unjust than that which is implied by those who would thus deal with the memory of Pestalozzi-for although unsuccessful himself in the execution of that plan of instruction which bears his name, yet, to no rational mind, can its principle appear in any other light than as one utterly profound in its conception, and perfectly practicable to the youthful mind. The system of education of which we speak has its peculiarity in this, that it endeavours to engender knowledge in the mind of a child upon those ideas which are already existing there. The activity of a child's perception is really astonishing; all the ideas he possesses, it is needless to state, are derived from his observation, and the stock of them which he may be made to acquire, at even a tender age, is not susceptible of almost any limitation. Pestalozzi's principle, then, was to ascertain, in the first place, the impressions of his scholars as to given objects-glass, for instance--and one of these objects being produced, nothing appears easier than the transition of the student from the knowledge of those of its qualities with which he had been familiar, to the knowledge of all its other properties.
The author of the present production, in a preface written with unusual force and elegance, states, that from long personal observation he became fully sensible of the errors which, in the hands of Pestalozzi himself, had rendered his principle so unproductive in its application, and he adds that he considered the most efficient course which he could adopt in order to recommend the Pestalozzian idea to general adoption, was the setting up of a school himself, and furnishing in such an institution an example of the beneficial effects of his favourite system. His ambition has been gratified, for the method has already begun to excite attention, and schools professing to teach upon it are much on the increase. The author, encouraged by such agreeable prospects, has commenced a series of popular publications with the work before us, which is a book destined for merely rudimental purposes, and which will be followed by other publications embodying the same principles, and, of course, varying the points of instruction. We do not know that we could convey, by any analysis or description of our own, a better impression of the mode of teaching which this work is meant to serve, than the following extract will give to the reader. The pupils are supposed to be arranged before a black board or slate on which the result of their observation is written. A piece of glass having been handed round to be examined by each of the children, the teacher takes it in his hand.
• Teacher. What is that which I hold in my hand ? Children.-A piece of glass.
• TEACHER.-Can you spell the word “glass”? (The teacher then writes the word “glass” upon the slate, which is thus presented to the whole class as the subject of the lesson). You have all examined this glass; what do you observe ? What can you say that it is ?
CHILDREN.-It is bright.
• TEACHER.-(Teacher having written the word “ qualities," writes under it-It is bright.) Take it in your hand, and feel it.
CHILDREN.-It is cold. (Written on the board under the former quality.)
• TEACHER.-Feel it again, and compare it with the piece of sponge that is tied to your slate, and then tell me what you perceive in the glass.
•Children. It is smooth - it is hard.
CHILDREN.- We cannot see through the shutters.
CHILDREN.- We can see through it.
this quality? • CHILDREN.-No.
TEACHER. I will tell you then ; pay attention, that you may recollect it. It is transparent.'--pp. 5, 6.
Art. XVI.--Essay on the History, Religion, Learning, Arts, and Govern
ment of Ireland, from the birth of Christ to the English Invasion. By Joho D’Alton, Esq., M.R.I.A. Published for the sixteenth volume of the Transactions of the Royal Irish Academy. 4to. pp. 379. Dublin ;
R. Graisberry. 1830. The very lively and agreeable style in which this Essay is written, has been sufficient to carry us triumphantly over a whole quarto of antiquities
a subject for which, we owi), we were never blessed with any great predilection; the existence of such predilection being altogether impossible as to the antiquities of Ireland, on account of the foolish national enthusiasm on the one hand, or the ruthless bigotry on the other, with which their history is so usually found combined. The present volume is singularly free from those faults, which either justified our abstract indifference as to the subject itself, or afforded an excuse for the prejudice which we entertained against it when connected with the sister country.
The evidences of extensive and long-continued research are so striking in almost every page of this essay, that we were not in the least surprised to be told that our author had been all his life a collector of documents calculated to illustrate the history of his native country. How prodigious must have been the toil, the patience, or we might rather say the ardour of that man who could heap up such a vast accumulation of antiquarian stores, as that the indices alone of this varied treasure should extend to five closely written quarto volumes !
The difficulty of Mr. D'Alton's duty will be appreciated when we inform the reader, that the Essay before us (written upon a question proposed by the Irish Academy) was to be supported as to its facts, upon authorities exclusive of those written in Irish or other Celtic languages. No one that had not devoted a whole life to the inquiry, and used extraordinary diligence during the time, could have accomplished so much as Mr. D’Alton has done, with means and opportunities so narrowed. He had to represent the genuine state,-not merely the political, but what was infinitely harder, the social state-of the inhabitants of Ireland, together with the condition of science, literature, and the arts in that country, from the commencement of the Christian era to the twelfth century. Having settled these points, he was further to ascertain the character of the moral and religious