to extend the blessings of the gospel in every corner of the world.

Having no controversy in this matter, but for real and substantial good, we shall not enter at large into the merits of these contending pamphlets. We shall be contented to observe that in the first and last there are many strong objections stated, which are beyond the talents of the sub-urban clergyman, and those no way contemptible ones, to remove.

ART. XII.-The Doctrine of Equivalents; or an Explana tion of the Nature, Value, and Power of Money, together with their Application in organizing Public Finance. By George Craufurd, Esq. 8vo. Rotterdam printed.

MR. Craufurd combats the opinion that " in proportion as the quantity of money in any country increases, the value in money of every object must also increase:" but his reasoning on this subject is very intricate and obscure; and we think that the experience both of the present and the past proves the truth of the proposition which he labours to subvert. The value of the precious metals, or the quantity of the other products of nature or of art, for which they may be exchanged, will always be greater or less in proportion to their scarcity or abundance. Where the precious metals are scarce, a smaller sum will go as far in procuring the necessaries and conveniences of life, as a larger where they are in greater abundance.-When we talk of value we mean merely relative value, or the value which one object bears to another, or the quantity of other articles of use, convenience, or ornament, which it will procure. And we make a distinction between direct and relative value; for the direct value of an object (the essence of which consists in absolute indispensible utility) may be incalculably great, and yet its relative value be none at all. Thus, for instance, the direct value of water cannot be estimated; but its relative value may be a cypher, for which nothing would be given in exchange. Water is infinitely valuable in itself; but in most situations,it has, from the exhaustless supplies of Providence, no value in the way of barter or relation. But even with water it is the abundance which causes the relative diminution of value; for if water were as scarce as gold and silver, it would, from its incomparably greater intrinsic utility, be more valuable in a degree beyond what can be expressed. The intrinsic utility of the precious metals consists principally in their convenience as a circulating medium,

and in the numberless facilities which they afford to the commercial intercourse of mankind. But the intrinsic utility of a medium of exchange can hardly be compared with that of an article which is essential to the support of human life. If without any associated considerations we regard the precious metals merely as a sign of value, it is indisput ably certain that the quantum of value for which they stand must be regulated by their scarcity or abundance. But though we do not assent to Mr. Craufurd's opinion on this point, there are some observations in his work so strikingly just and so highly important, that we earnestly recommend the perusal to those persons whom it so materially behoves to be acquainted with the true principles of taxation and finance. Mr. Craufurd has, we think,incontrovertibly proved that the ssytem of a sinking fund, for the establishment of which Mr. Pitt has received such exaggerated praise, is a delusive and ruinous expedient, which never can succeed in extinguishing the national debt, and which, even if it could, would only do it by making us pay double the amount. It would be like giving away one hundred pounds in order to pay fifty. Mr. Rose has stated that the application of one per cent. annually, towards the extinction of every hundred pounds sterling three per cent. stock created by government, would completely redeem the whole in thirty-nine years; supposing the redemption price to be on an average eighty-five per cent. for every 100l. three per

cents.

"The loan of that year' (1799,) says Mr. Craufurd, 'was made by the sale of three per cents. at about fifty-six per cent. net after deducting the discount for prompt payment, and even much lower in the preceding years; so that the sinking fund of one per cent. on every 1001. three per cents. created, became in fact nearly two per cent. on every hundred pound sterling received in money by government, and the interest paid was about 5 per cent. per annum. The nation will therefore have to pay above seven per cent. per annum, during the very long term of thirty-nine years, if considered as an annuity, or if calculated as a reimbursement, which it really is (the average purchase price being eighty-five per cent. for the three per cents.) not less than 1501. sterling for every 1001. received, besides 54 per cent. interest. Such transactions between individuals would be branded with infamy; but they seem to pass unnoticed or to meet with silent approbation in a ministerial speech and treasury pamphlet.'

The advoactes of that noxious measure called the sinking fund, will find it very difficult to overthrow this reasoning

which, if it be true, clearly demonstrates that our present system of finance is radically wrong. The best mode in which a nation can borrow money appears to be by annuities, for a limited period. A national debt thus constituted would furnish its own sinking fund, and gradually discharge itself. This subject would deserve more ample discussion, but we trust that we have said enough to make it excite the attention of those who are most interested in the welfare of their country.

MONTHLY CATALOGUE.

RELIGION.

ART. 13.-Female Compassion, illustrated and exemplified in the Establishment and Superintendency of a Charitable Institution for the Relief of Necessitous Families in the City of Rochester and adjacent Parishes : a Sermon, preached in the Parish Church of St. Nicholas, Rochester, on Sunday, 17th August, 1806. By the Reverend C. Moore, M. A. Vicar, 4to. Hatchard. 1806.

THE influence of the female sex on the civilization of society must ever be acknowledged with delight and gratitude, and the charitable. institution, in behalf of which this sermon was preached,illustrates in a striking degree,the sensibility of the female heart: but while we bestow our commendations on those ladies, by whose exertions this institution was formed, it is but justice to Mr. Moore to add that he has pleaded the cause of the poor and needy with eloquence, and we doubt not with effect, while his eulogy of the female character is at the same time animated and just.

ART. 14.-Select Sermons, by the Rev. Alexander Cleeve; A. B. late Vicar of Wooler, in Northumberland, Chaplain to his Grace the Duke of Portland, and Lecturer at Trinity Chapel, Knightsbridge. Mawman. 1806.

THE merits of discourses delivered from the pulpit are various, and a sermon addressed to an unlearned congregation, and adopted to the understandings and ideas of the hearers, though it be not distinguished for the profundity of its doctrine or the brilliancy of CRIT. REV. Vol. 9. October, 1806.

P

its eloquence, may yet be entitled to its share of praise. This it was, we presume, which, in conjunction with the graces of an elegant delivery, procured for the author of the volume now before us, the celebrity which he enjoyed as a preacher both in this and the northern metropolis. The present discourses, it should seem, had never been intended by him for the public eye, for we are informed by the anonymous editor in a short preface, that having been found after his death, it was judged expedient to publish them for the benefit of his wife and female children.' As we understand the family of the deceased to be numerous and amiable, we trust that they will experience the generosity which so eminently distinguishes a British public, and, (to use again the words of the editor,) the permission which has been obtained to dedicate this volume to the queen, together with the numerous and respectable list of subscribers which is subjoined, will be a sufficient proof to those who shall be charitably disposed, that their liberality will not be exerted on unworthy objects.'

ART, 15.-A Sermon preached before the Incorporated Society for the Propagation of the Gospel in Foreign Parts, at` their Anniversary Meeting in the Parish Church of St. Lawrence, Jewry, on Friday, February 21, 1806. By the Right Reverend Thomas Lord Bishop of Rochester. 4to. 1806.

IN this discourse the right reverend author, induced probably by the recent excellent exertions of Mr. Buchanan, a part of which we bad occasion to commend to our readers, in the Review for May last, (P. 49, &c.) directs the notice of the Society for the Propagation of the Gospel to the state of religion among our own countrymen in those parts, and among the natives of British India. This important subject, and one peculiarly appropriate to the occasion of the sermon, is very well enlarged upon. Few, we believe, will refuse to join their approbation to these concluding sentiments :

'Our concluding wishes and prayers must be, that in an harvest so great labourers may no longer be wanted; that nothing of impediment or delay may prevent the legislative determination on a subject, in which the credit of the nation, the security of a vast portion of its dominions, and the salvation of the souls of so many thousands of its subjects who are ready to perish, is so immediately and so materially implicated.' P. 20.

ART. 16.-Demonstration of the Existence of a God from the Wonderful Works of Nature. Translated from the French of Francois Auguste Chateaubriand, and dedicated by Permission to the Lord Bishop of Llandaff. By Frederic Shoberl. 12mo, Philips. 1806.

THIS entertaining and instructive volume forms a small portion of a work, which appeared at Paris in 1802, under the title of the Genius of Christianity. The sensation which it produced in France,'

says the translator, was almost unprecedented. Some of the firstcritics of that country warmly expressed their admiration of this display of the author's abilities, while the philosophic party exerted all the efforts of ridicule and irony to depreciate M. Chateaubriand, in the public opinion. Their censures however produced effects the reverse of what they intended.' The Genius of Christianity' ran through seven editions in the short space of two years, which sufficiently indicated the estimation in which this performance was held in the most sceptical country in Europe. The translation of Mr. Shoberl we have perused with the greatest delight, and we hope that the taste of the public may so far coincide with our own, as to induce him to translate the whole of the performance of M. Chateaubriand.

ART. 17.-The Rise, Fall, and Future Restoration of the Jews; to which are annexed Six Sermons, addressed to the Seed of Abraham, by several Evangelical Ministers; concluding with an elabo rate Discourse by the Rev. Dr. Hunter, entitled the Fullness of the Gentiles coeval with the Salvation of the Jews. 800. Button. 1806.

THE report of Buonaparte's intention to attempt the restoration of the Jews has given rise to many a catch-penny publication; among the number of works of this description, the present may, with the strictest justice, hold a distinguished rank. As for the sermons, it will be sufficient barely to mention the name of their authors to give our readers an idea of their respective merits. Know then that Dr. Haweis, Mr. Love, Mr. Nicoll, Mr. Greathead, and Dr. Hunter, form the catalogue of preachers on the Conversion of the Jews,' and that the matter of their sermons is every way worthy their respective authors.

DRAMA.

ART. 18.-We Fly by Night, or Long Stories; a Farce, as performed at the Theatre Royal Covent Garden, with unbounded Applause. By Arthur Griffinhoofe, Esq. 8vo. 1806.

WHENEVER Mr. Colman favours the public with any piece of which he is ashamed, he uses the signature of Arthur Griffinhoofe. The present performance has that honour, and in humour it is by no means equal to some of Mr.Colman's former productions. Like an harlequin's jacket, it is composed of odds and ends, scraps and patches' of all colours from sundry farces; and it derives its title of Long Stories,' from a bad imitation of the long story told by Ralph in the farce of Lock and Key.'