Of this debt of 507 millions, near 100 millions consist of four and five per cent. stock, which being converted into three per cents., makes the total amount in three per cent. stock 557 millions; and valuing the three per cent. stock at sixty per cent., the present average price, the total capital of the debt in money is 334 millions sterling*.

The original provision of the sinking fund of a million per annum, with the additions since made to it, and the dividends on stock bought up by the commissioners who manage that fund for the nation, amount to about 8,000,000 per annum.

Thus the evidence of facts, and twenty years' experience, prove that the plan of Dr. Price is alone adequate to counteract the late system of lavish and prodigal expenditure. A single million per annum, laid by since 1786 for accumulation, has multiplied itself, on principles of compound interest, to eight millions per annum; and has created a capital in the hands of the commissioners of upwards of one hundred and thirteen millions.

The nation began about twenty years since to buy up its own debts. The fund appropriated for this purpose was to be one million per annum, laid out in the purchase of such portions of stock as might be brought to market by the public. The commissioners have since applied the interest of the stock thus

year.

purchased to the increase of their funds; and hence one hundred and thirteen millions, with its interest, have thus been redeemed to the nation from its public creditors. The interest of this amount of redeemed stock, and the annuity of one million regularly appropriated to this purpose, give to the commissioners an income, for the year 1806, of eight millions.

The temporary advantages of this plan are of scarcely less consequence than its ultimate benefits. The large sums which the commissioners have every week at their disposal, make it easy for persons desirous of selling stock to find purchasers. Hence there are at this time generally more buyers than sellers; and the state of national credit is such, that instead of its being necessary to extinguish the debt, and ruin all the creditors of the nation at a blow, it will rather be necessary in a few years to compel the national creditors to receive their money.

I have calculated the future accumulations of the present revenue of the commissioners, at the same rate of increase which has hitherto attended the sinking fund. That rate has hitherto been five per cent.

The present annual income of the commissioners for managing the sinking fund, consisting of eight millions, will generate, by the year

1810, the sum of £.34,480,000
1820,
156,700,000
356,000,000
680,500,000

1830,

1840,

In the mean time what becomes of the new debts? The war expenditure will require new loans, and a new debt will probably be formed equal to the present. How is this to be disposed of? What are the funds by which it is to be discharged? I shall answer these queries by explaining the provision for future debts, which was also pointed out by Dr. Price, and which has been adopted by the legislature.

In 1792 it was enacted, that on all future loans a sum equal to one per cent. on the stock created by such loans should be added to the sinking fund as a provision for their gradual redemption. This appropriation of one per cent. on every loan at the increase of 5 per cent., amounts to 100 in 37 years, or at 4 per cent. interest in less than 42 years. Therefore, whatever addition is made to the debt every year, if such a fund of one per cent. be regularly allotted for its redemption, the total of that portion of debt must in 37 or 42 years be discharged.

This provision for discharging all future loans may be sufficiently intelligible; but that it may be understood by every reader, I shall illustrate it by an example.

If war should make it necessary to borrow a sum of fifty millions to meet the expenditure of 1806, a further sum of one per cent. on the amount, or half a million, would also be borrowed and placed at the disposal of the commissioners. This half-million would by them be immediately laid out in stock, which, at compound interest, will amount in thirty-seven years, or in the year 1843, to the said fifty millions and a half, being the sum borrowed.

For the Literary Magazine.

INDIAN APRIL-FOOL-DAY.

DURING the Huli, says a resi dent in India, when mirth and festivity reign among Hindus of every class, one subject of diversion is to

send people on errands and expeditions, that are to end in disappointment, and raise a laugh at the expence of the person sent. The HuÎi is always in March, and the last day is the greatest holiday: all the Hindus, who are on that day at Jagannath, are entitled to certain distinctions, which they hold to be of such importance, that I found it expedient to stay there till the end of the festival; and I am of opinion, and so are the rest of the officers, that I saved above five hundred men by the delay. The origin of the Huli seems lost in antiquity; and I have not been able to pick up the smallest account of it.

If the rites of May-day show any affinity between the religion of England in times past, and that of the Hindus in these times, may not the custom of making April-fools, on the first of that month, indicate some traces of the Huli? I have never yet heard any account of the origin of the English custom; but it is unquestionably very ancient, and is still kept up even in great towns, though less in them than in the Country: with us it is chiefly confined to the lower classes of people; but in India high and low join in it; and the late Shuja ul Daulah, 1 am told, was very fond of making Hulifools, though he was a mussulman of the highest rank. They carry it here so far, as to send letters making appointments, in the name of persons, who, it is known, must be absent from their house at the time fixed on; and the laugh is always in proportion to the trouble given.

For the Literary Magazine.

INTELLIGENCE, LITERARY AND

PHILOSOPHICAL.

A WORK of uncommon labour and magnitude has been for some years in the course of publication, by several professors and literati in the university of Gottingen. It is entitled A General History of the Arts and

VOL. V. NO. XXXIII.

Sciences, from their revival to the Conclusion of the Eighteenth Century. According to the plan, the whole work is to be divided into eleven sections. The first contains, General History of Science and Literature, by way of introduction to the succeeding sections, and was published by M. Eichhorn in two volumes. The latter part of the second volume has not yet appeared. Section II. History of the Fine Arts. Of this section the public has been presented with the history of the arts of design, by professor Fiorillo, in three parts, containing the history of painting in Italy and in France. Section III. History of the Belles Lettres, of Poetry, and of Eloquence. Professor Bouterwick has written the history of the belles lettres to the present time, in three parts. The two first contain the history of Italian literature, and the third that of Spanish literature, with a supplement on the literature of Portugal. Section IV. History of Philology. Two parts of the history of classical literature, by M. Hieren, are all that have yet appeared. It will be continued. Section V. History of Historical Sciences. This section has been retarded by the death of professor Schonemann, who had undertaken it, and by various accidents which have befallen those to whom this department was committed after his death. Section VI. History of Philosophy. This part, the production of M. Buhle, is in six volumes, the last of which goes down as far as Kant. Notwithstanding the departure of the author for Moscow, the work will be completed. Section VII. History of Mathematical Sciences. The public has already the history of military science, by M. Hoyer, finished in two parts; and the history of mathematics, by Kastner. The latter had composed four parts of his history, which comes down to the latter half of the seventeenth century, when the hand of death overtook him. In case the author had been able to continue it, he would undoubtedly have been obliged either to alter hiŝ

10

plan, which is too bibliographical, or to confine it within a smaller compass. His work, however, presents the richest and most useful materials for the history of that science. The attentive reader may easily discover in it the progress of the science, and perhaps would not exchange it for a history of the science, in the strict sense of the word, if it were not animated by the genius of Kastner. It is unnecessary to observe, that in the continuation of this work a better plan will be adopted. Section VIII. History of the Natural Sciences. Of these have appeared, the history of che mistry, by the late M. Gmelin, complete in three volumes; the history of natural philosophy, by professor Fischer, in five parts, of which the fifth goes down to the last quarter of the eighteenth century, to Priestley; so that it is nearly concluded. Section IX. Jurisprudence. This part has been delayed by the death of the person who was engaged upon it. Section X. Theology. The first part of the history of practical theology, by Dr. Ammon, has appeared, The history of the explanation of the Holy Scriptures, by Dr. Meyer, in three parts, is almost finished. Section XI. History of Medicine. This has been purposely reserved for the last, on account of the new discoveries. By the above sketch it appears, that out of the eleven sections eight are already completed, or are drawing more or less towards a conclusion, and that two others have been retarded only by the death of the respective writers. Of the sections which are still in hand, the public has still to expect, in the second, the history of sculpture and architecture; in the third, the history of the belles lettres of the other countries; in the fourth, the history of archæology; in the eighth, the history of natural history, with that of rural economy, and technology; and in the tenth, the history of dogmatic and moral theology. When the immense extent of the undertaking is considered, it will not excite wonder that is is not yet completed,

but rather that so much has been already performed in the compara tively short space of eight years. The most important parts that are wanting, namely, natural history, dogmatical theology, morality, and archeology, have been confided to men whose names alone sufficiently guarantee the excellence of their productions, so that no doubt can be entertained of the speedy completion of those departments.

Dr. Heirn, of Berlin, has published the following note relative to the shower of pease which is asserted to have fallen at Landshut, in Silesia. "The privy counsellor, Von Jetschke has transmitted to me a certain quantity of the grains which fell at Landshut, and in its vicinity, during a violent storm. At first sight, I took them to be seeds; but, having soaked them in water, Í discovered that they were tubercles, such as are frequently seen growing at the roots of various plants. I was at a loss to decide whether they were the produce of the orchis, the spirea filipendula, or the ranunculus ficaria. M. Schroder, the apothecary, soon convinced me that these tubercles belonged to the root of the ficaria. This plant, which Linnæus likewise calls chelidonium minus, delights in aquatic situations. An enormous accumulation of these roots was probably formed in a very confined cavity, whence they may have been carried by a whirlwind. In this case they must naturally have descended in a shower. Our celebrated chemist, Klaproth, has shown me the first and second volumes of the New Journal of Chemistry, published by Gehler, who there gives a very interesting account of similar showers of pease or seed. For the rest, these tubercles contain a farinaceous substance resembling that which is extracted from potatoes, turnips, and other roots. It would be both useful and profitable to cultivators to make themselves acquainted with the ficaria, and to avail themselves of its valuable properties."

For the Literary Magazine.

ON SEEING THE PORTRAIT OF ROBERT BURNS.

Addressed to the Artist.

YES, it is he! the hapless well-known Burns;

His look, his air, his very soul exprest;

That heaven-taught bard whom weeping Genius mourns,

For cold in earth his silent relics rest.

Through tears that ease the anguish of

my heart

art

A. W.

For the Literary Magazine.

COLIN.

A Pastoral.

WHEN Flora, the goddess of May, Had strew'd with her favours the mead,

I trac'd her gay footsteps the way

Young Colin was tuning his reed. The youth was reclin'd by a stream,

And o'er him sat moaning the dove; As pensive as her's was his theme, Expressive of anguish and love.

My shadow passed under his eye,

Yet he seem'd not to notice meth His late dulcet reed was thrown by,

While he warbled a sorrowful air. "Since Rosa has left me alone,

He said, all bewildered I stray, And envy the flocks that I own,

For they are all happy at play.

"The eglantine rose of the heath,

When bath'd in ambrosial dew, Excels not in fragrance her breath,

Nor wears her cheek's elegant hue. Her eyes they are mild as the dove's, Enchantingly tender and sweet; She is mild and as blithe as the loves, Yet has flown from her shepherd's re

treat.