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The Doctor concludes this chapter with observing, that wo often meet with short hints, in books and charts, relative to, lands which are said to have been discovered formerly, without being able to find more circumstantial accounts concerning them; though, most probably, such accounts may exist in obscure or scarce authors; and he gives a number of instances of this kind which are said to have been Dutch discoveries, requesting from the learned of all nations such farther information concerning them as they may be able Co give him. But notwithstanding some of the very difficulties which are here mentioned, together with several others of the like kind, have occurred to ourielves, and though we have read a great deal on these subjects, we are not able, as we could wish we were, to afford him a singls hint relative to any of the points he mentions. In addition to the instances of this kind given by our Author, we shall add, because it is in the quarter to which his work relates, that in the map annexed to Foxe's North-west Fox, three islands are inserted to the North of Spitsbergen, in latitude 820 North, and called there Shefferde Orcades; but we have never met with a single hint any where else concerning them.

The third chapter, ' Of the Voyages and Discoveries made byFrance in the North,' begins with acknowledging the paucity of French discoveries; more especially toward this quarter of the world. The first he mentions are rather reports than accounts of two voyages, said to be made in 1506 and 1508, by Jean Denis and Thomas Hubert, to Newfoundland.

II. A voyage made by John Verarrani, a Florentine, but in the service of Francis I. to the coasts of North America, in 1524. Dr. Forster fays, that Verarrani sailed along the East coast of America from 30 to 56 degrees of North latitude, and was absent from the 17th of January to the 8th of July.

III. IV. V. The three voyages of James Cartier to Newfoundland, and the Gulf and River of St. Lawrence, in 1534, 1535, 1540, the two first under the immediate patronage of Francis the First, and the latter under the direction of Francis dt la Roque, Lord of Roberval, who was created Lieutenant Gene* ral and Viceroy of Canada, and the countries and islands which are in the neighbourhood of it.

VI. A voyage to the fame places, undertaken by Roberval and his brother, in 1549, in which both are said to have perished.

VII. A voyage undertaken by the Marquis de la Roche, in quality of Lord Lieutenant to these countries. He took with him about 40 criminals, out of the different prisons in France, whom he landed on the IJle de Sable, and stood away for the coast of Nova Scotia, then called Acadia. After making such researches as he thought proper, he returned to France, without having it in his power to take back with him the poor wretches he had left on the 1JU de Sable. They remained on that wretched and desolate island until the reign of Henry IV. who being informed of their situation, sent a ship to bring them away, after they had been seven years on the island. Only 12 of the 40 were found alive.

VIII. Account of a ship which is said to have tailed from China to California, in 1709.

The fourth chapter consitls of nine articles.

I. and II. contain a few hints relative to four voyages made by the Spaniards in search of a North-west passage to the East Indies, in 1524, 1537, 1540, and 1542. The first was from Spain, by the direction of the Emperor Charles V.; the second from New Spain by direction of the celebrated Cortez, the conqueror of Mexico; the third and fourth from the same place, by direction of the Viceroy Antonio de Mendifa •> but nothing was done to the purpose in any of these voyages.

III. An account of a pretended discovery of the Straits of Anian, by Andreas Urdanietti, in 1556 or 1557.

IV. and V. The voyage of Francisco Gual/e, to examine the Straits between Asia and America, 1582, which proved useless; also an account of the pretended discovery of Juan de Fuca.

VI. Another impotent attempt from New Spain, on the North-west coast of America.

VII. The voyage of Sebastian Vizcaino, in search of a harbour on the West coast of North America, 1602, as far as Cape BUnro.

VIII. The story of Admiral de Fonte's discovery of a passage from the Pacific to the Western Ocean.

IX. The voyage from New Spain, in 1775, under the direction of Don Antonio de Buccareili, for making discoveries on the West coast of North America.

The fifth chapter, on * the Voyages and Discoveries made by the Portuguese in the North,' contains six articles.

I. The voyages of Gaspur de Cortereal and his brother Michael, in 1500 or 1501, to Newfoundland, and the coasts of Labrador; in which Dr. Forster supposes he discovered the mouth of Hudson's Straits: both brothers were lost in future voyages.

II. Dr. Forster insists on the priority of right which the French, Spaniards, and Portuguese have to fish on the Banks of Newfoundland. He had discussed this matter at great length in the chapter of English voyages j and he has added nothing new on the subject in this article. If it be their right, they must take it—if they can.

III. Contains a long story of an English sailor, who "swore, in J579» that he had heard a Portuguese mariner, six years be

14 fore, fore, who read in a book, which he had written himself, setting forth the time of writing it, that 12 years before, coming from India (the Weft Indies no doubt), he had sailed through a gulf near Newfoundland until he came, by his reckoning, to 59 degrees of North latitude ; and after having shot the said gulph, he saw no more land until he fell in with the West coast of Ireland." And wbat of all this! the gulf was, undoubtedly, the Gulf of St. Lawrence; and he had made a small mistake in his reckoning, as to latitude, in running along the East coast of Labrador.

IV. Some hints relative to the land of Jefo, from the Portuguese Jesuit De Angelis, and Father Jacob Caravallio.

V. Conjectures relating to the land, first inserted in the map of Peter Texeira, between Alia and America, and called the land of Yeas de Gama.

VI. 'she story of the Portuguese ship which is said to have sailed from Japan, through Behring's Straits, and round the northern Capes of Asia and Europe, to Portugal.

Chapter VI. on 'the Voyages and Discoveries of the Danes in the North,' contains seven articles:

I. The first is an account, given by a Monk of Iceland, of a voyage which had been undertaken from that place, with a view of diicovering a North-east passage to China; but which proved fruitless.

II. III. and IV. The voyages which Hall and Knight, two Englishmen, m«de in the service of the King of Denmark, and under the direction of Count Lindcncu, in 1605, 1606, and 1607, to West Greenland. Hall reached the latitude of 690 North, in his first voyage, on the West coast of Greenland. It is not said how far Lindenau went up the East coast of that country; but he appears to have made very free with the natives, and meets with no censure.

V. The voyage of Jens Munck to Hudson's Bay, 1619. He wintered somewhere about Churchill river; and, in the course of the winter, the whole company, consisting of sixty-four persons, died, except himself and two more, who, in the summer following, made shift to bring one of the fliips home.

VI. Contains the account of a voyage made by the Danish Greenland Company, 1646.

VII. Is an account of a letter sent to the Editors of the Journal d^Sfavans, by M de la Landt, and inserted in that publication, for Nov. 1773; giving an account of a voyage, said to be nude by a Danish ship that sailed from Bornholm (which does not exist) in Norway, through Hudson's Bay, into the Pacific Ocean, above California; and thence round Cape Horn, through the Straits of Lc Maire, home. It is difficult to conceive what view M. de la Lande could have in putting his narr.e to such

a fable: a fable: few who know him will believe that he could himself be imposed on by it.

Chapter VII. is rather an account of the several nations which compose the vast empire of Russia, or from which its present inhabitants are descended, than a history of the voyages and discoveries made bv them; for which our Author refers to the collections of Muller and Pallas. He concludes his work with * General Remarks on the discoveries made in the North; together with physical, anthropological, zoological, botanical, and mineralogical reflections on the objects which occur in those regions.

On the whole, though this work, like all the Author's other publications, contains much hypothesis and conjecture, as Weil as some mistakes, and many peevish and ill-natured reflections, particularly on the English; yet it includes also, a great deal of useful information, which is, in general, well selected j and we make no doubt this publication will afford a large fund of amusement to a multitude of readers. "V* f

Art. XII. Essay IV. On the Nnture and Principles of Public Credit.
Containing Observations on a Syilem of Redemption laid down in
the hte Act of Parliament; and on the Means of preserving the
Sinking Fund in its proper Line of Service: together with a brief

. Account of the Rise, Progress, and present State of the Public
Debts. 8vo. 2 s. 6d. White. 1787.

MR. Gale divides this Essay into four sections; in the first of which he considers the contents of the late Act for discharging the public debt. By this Act, one million per ann. together with such annuities for lives or years as shall from time to time elapse or expire, and also the interests and dividends on such parts of the debt as shall therewith be redeemed, shall be carried to the account of the Commissioners of the Sinking Fund, to be by them laid out in the purchase of Stocks; and that, in case new loans should render it expedient, such sums carried to the account of the Commissioners shall be applied toward such new loans, the interest of which is to be provided for by new taxes, as if the loan had been made by private individuals.

The original intention of the Act was to apply the Sinking Fund sacredly and inviolably to the redemption of the debt, as well during war as peace. But, by applying the Sinking Fund to the new loans, the actual redemptions can take place only in time of peace: therefore the last mentioned clause of the Act defeats its original purpose; and such parts of the debt as shall be redeemed during peace must inevitably be again incurred during war. This is the substance of Mr. Gale's general objection to the Act in its present form: he adds also other reasons to prove

that

that the system of redemption laid down in the Act is not only extremely defective, but even entirely ineffectual. The application of the Sinking Fund to the purchase of Stock has a natural tendency to increase the prices to be paid for the redemption, and thereby encourages speculative purchases in the market, which will increase the price still more: on the other hand, when a war is to be apprehended, the speculative adventurers, who had before flocked to the market as purchasers, naturally crowd to market as sellers, and thereby depress the value of Stocks below what they otherwise would be. The redemption would therefore be made at an advanced price, and by a new, loan a new debt would be incurred at a lower price j and consequently the loss would be inevitable.

Mr. Gale states several cases to exemplify the truth of his reasoning, which prove that a greater quantity of Stock, or of Annuity, must be granted for every too/, of loan, than can be redeemed by every 100/. of the Sinking Fund; and consequently the debts and incumbrances, instead of being kept within more reasonable bounds, must necessarily be increased, by the very act of making the proposed redemption.

In the second section, our Author proceeds to point out the means whereby the Sinking Fund may be preserved in its proper line of service, as well during war as peace, so that the above mentioned losses may be avoided, with a mutual advantage both to the nation and its creditors.

In order to apply the Sinking Fund properly, our Author fays, 'it is indispensably necessary that the debt to be redeemed should consist of redeemable Stocks, whose market value shall be constantly as much (or more than as much) above par as shall be required to be allowed, by way of premium for the advancement of new loans.' He then proceeds to explain how this may be effected; viz. * by a conversion of the debt into Stocks bearing a higher intcrejl than that of the market, subject to a limited tender for the periodical redemption of the capital.'

The third section treats * of the comparative values of Annuity Stocks bearing different rates of interest, and subject to different tenders for their redemption.' Here the Author proceeds on the principles delivered in his second Essay, of which our Readers will fee an account in our 73d volume, p. 418. The principal theorem which he here investigates is as follows:

'If any Annuity Stock or capital, bearing any rate of interest higher than that of the market, be subject to any limited tender per ant. for its periodical redemption at par; the value of such Stock will bear the same proportion to the nominal capital, as the sum of the tender and interest on the Stock shall bear to the sum of the tender and market interest.'

Our limits will not permit us to lay before our Readers Mr. Gale's demonstration of this theorem, since it 19 intimately connected

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