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notes of one district not being payable in another, Mr. Ricardo conceived that he could easily devise a remedy. Several equally obvious and more important objections have not been noticed.

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Where, for instance, did Mr. Ricardo learn, that because his five Commissioners were not removeable by Government, they would therefore be exempt from political bias, and would never contract or increase their issues in order to assist or thwart the government of the day? Where again did he discover, that it is expedient to resume the circulation of one pound notes? How could the influence of the crown be more immeasurably augmented than by the appointment of country; agents for the purposes specified in this plan? Unless one of them were placed in every market-town, the trade of the country, would be impeded; and such an officer in every town, acquainted with the particulars of every tradesman's business, and regularly corresponding with the five immaculate Commissioners, would prove an intolerable nuisance.

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These are a few of the obvious objections to a National Bank, and we apprehend it would be difficult to remove them. The principles of political economy, furnish others of an equally obstinate character.

If trade ought to be free, which Mr. Ricardo and his disciples affirm, the trade in money should be as unshackled as that in any other commodity, and the theoretical defect in the Bank of England, is its monopoly. To do away with this monopoly, to reinstate every individual within the metropolis as well as out of it, in his natural right of issuing what promissory notes he pleases, is an undertaking in which Mr. Ricardo might have been expected to embark, and in which, if he had proved unsuccessful, at least he would not have been inconsistent. But because he considered such a scheme impracticable, as we have no manner of doubt that it is, must we agree with him in wishing to extend the present system of restriction, and virtually turn the Government into an overwhelming Bank? What proof could Mr. Ricardo adduce of the evils of country notes, sufficient to authorize a prohibition of them? They circulate now, merely because the people prefer them to bank paper and to cash. While the Bank is compellable to pay in coin, there is no reason to fear an injurious over issue in the country; and if such a danger exists, it should be obviated by a milder treatment than the proposed National Bank and its branches. The explanation furnished in the remainder of the pamphlet, do not touch these fundamental objections; and in spite of the advantages which Mr. Ricardo promises, we consider these objections invincible. "

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"If the plan now proposed should be adopted, the country would, probably, on the most moderate computation, save 750,000% per annum. Suppose the circulation of paper money to amount to twenty-five millions, and the Government deposits to four millions; these together make twenty-nine millions. On all this sum interest would be saved, with the exception of six millions, perhaps, which it might be thought necessary to retain as deposits, in gold coin and bullion; and which would consequently be unproductive. Reckoning interest then at three per cent. only, on twenty-three millions, the public would be gainers of 690,000. To this must be added 248,000, which is now paid for the management of the public debt; making together 938,000. Now, supposing the expenses to amount to 188,000l., there would remain for the public an annual saving or gain of 750,000." P. 29.

This statement suggests a simpler remedy than that which we are now considering. The great merit of the proposed National Bank, is its economy. Would it not be better to engraft that exotic virtue upon the present establishment in Threadneedle Street? An annual half million, or three quarters of a million, is a sum which the nation ought to save, if it ean. By shewing that such saving is not absolutely impossible, Mr. Ricardo, "e'en in his ashes," has rendered good service. He would have been entitled to a double share of praise, if his genius had not wandered after an ignis fatuus of its own creation, but contented itself with shewing what the Bank ought to pay for its monopoly, its public balances, and its exemption from stamp duty upon its notes. The Chancellor of the Exchequer, who shall calculate these sums, and act upon the calculation, will be worth a whole Lombard Street of National Banks.

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ART. VIII. The Works of the Rev. Daniel Waterland, D.D. &c. &c. collected and arranged in Eleven Volumes ; to which is prefixed, a Review of the Author's Life and Writings. By W. Van Mildert, D.D. Lord Bishop of Llandaff. 8vo. 47. 16s. Clarendon Press. 1823.

FROM the title prefixed to this article, it will be readily understood, that we intend to confine our remarks to the biogra phical introduction prefixed, and which occupies the first volume of the work.

It has been often said, that the life of a student is one, which of all others, affords the fewest materials and the least in

teresting details for the pen of the biographer. Such is at least the impression very generally prevalent upon the minds of those whose pursuits are more connected with the busy world. They are apt to turn away, with an anticipation of. weariness if not disgust, from the details of monotonous retirement, prolix literary discussions, and perhaps interminable hostilities of the genus irritabile: With still greater horror do they recoil from such productions, if the subject ofo them happen to be a religious writer, or above all, a contro-p versialist, or a dignitary of the Church, they are then sures they can expect to be treated with nothing but a dull series of dates of promotions, and a prolix list of the various eccles siastical dignities which were successively heaped upon the head of one who had earned them by his meritorious exertions, in defence of the system by which those dignities are supported; enlivened perhaps now and then with some choice specimen of controversial acuteness in dispute upon some unintelligible dogma, and plentifully seasoned with the bitterness and asperity proper to this class of worthies.

If such should chance to be the impression on the minds of any of our readers, on glancing their eye over the title prefixed to this article, we would beg them to pause and judge before they condemn unheard... We would ask them, whether there be any real value in a pure and uncorrupted Scriptural religion, and an apostolic Church Establishment? Whether any thing can tend more to dissipate prejudice and error, than the preservation of the truth free from pollution and contamination? Whether for the superior illumination which is the boast of the present age, we are not deeply indebted to those who have stood forward to ward off the attacks of ene mies to pure and uncorrupt religion, who, widely different in their peculiar tenets, were yet equally distinguished by a blind and misguided zeal for trampling down all rational, moderate, and practical systems, and for establishing instead systems, which by going to one extreme or other, would infallibly tend to the destruction of every thing which went in the safe and moderate path between them. It surely then cannot be a subject altogether devoid of interest, to take a view of the life and labours of one who was eminently distinguished in the contest for truth. Nor need the reader be alarmed with any expectation of a mere dull detail, or of any specimens of bigotted and unchristian controversial asperity. The subject of the memoir before us, was a man of a very different stamp; and the narrative here given of his life and labours, is to us, at least we confess, one of more than ordinary interest. S s

VOL. XXI. JUNE, 1824.

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With every student in sound divinity,band with every reat friend to the pure doctrines of the Church of England, the name of Waterland must be held in the highest estimation: and no one in the least acquainted with the history of our Church during the period in which he lived, can feel otherwise than deeply interested in the records of his private pursuits and public labours; for all these were uniformly and consistently directed to the same great ends, the defence and vindication of the truth, and the support of those sacred institutions established by the concentrated piety and wisdom of our reformers; and proved, by long experience, to be the most beneficial in their application and results, and indeed most essential to keeping up the genuine spirit of true religion among our countrymen.

The age in which he lived, was one in which the Church, having gone through the trials of external adversity, was still subjected to the perhaps more dangerous evils of internal dissension. He lived in an age when literary and theologicab research were carried to as great an extent as in any former; and when the taste for such pursuits was certainly much more generally diffused. In the theological disquisitions of the day, the labours of this distinguished man bore the most considerable share; and amidst the constellation of talent and acquirement which was then conspicuous in the English Church, he shone with no ordinary lustre : but it was not to that age alone, and to the question which then agitated the Church, that his celebrity or his utility were confined. His labours were of a nature far more valuable in their character, and more permanent in their results, than mere tem584 porary productions however excellent.

In taking a leading part in the controversies of his time, he was in fact labouring in the cause of the orthodox belief, for the benefit of after ages. From his laborious and candid enquiries after truth, from his dispassionate and irrefragable confutations of error, not only was the immediate diffusion of heterodox opinions in his own age arrested, but the cause of the Church of England, and therein of genuine Christianity, was triumphantly supported, and its doctrine and discipline preserved pure to future times. His writings, though originally produced with reference to the specific purposes which the opinions and events of the day required, were in fact a

as a to all true sons of our Apostolic Church.

The first section of the work before us, opens with a few short and pertinent reflections on the importance of Waterland's labours; and after passing a well-merited ealogium

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on his acknowledged pre-eminence in the theological world, the Right Rev. Author proceeds very justly to remark,

"Yet notwithstanding this strong impression in his favour, it is remarkable, that during the period of more than eighty years, elapsed since his decease, no entire collection of his writings has hitherto been made: and several of them have never been reprinted. The increasing avidity with which of late years they have been sought for, is a proof however that their intrinsic worth has obtained for them a more permanent character than usually belongs to polemical productions; and the scarcity of the far greater number of them, has been long a subject of general regret. No apology, therefore, appears to be necessary for calling the attention of the public to the revival of productions which can hardly but be acceptable to every theological student."

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The rest of the introductory part is occupied by a detail of the various sources of information which the author and several of his friends examined with the greatest diligence: and we are happy to observe, that in several of the public des positaries of literature, many interesting documents were necovered which were hitherto unknown. Of all these, ample use is made in the subsequent narrative.

Dr. Daniel Waterland was born at Walesby, in Lincolnshire, of which place his father, Dr. Henry Waterland, was rector. He appears to have displayed great proficiency at a very early age; and his exercises at the grammar school at Lincoln, seem to have attracted much notice.

In his 16th year, he was admitted at Magdalen College, Cambridge, where he shortly obtained a Scholarship; took his A.B. degree in 1703, and was elected fellow of his col lege shortly after. He seems to have enjoyed considerable fame as tutor, and to have greatly raised the reputation of the College. He commenced M.A. in 1706, and in 1713, was appointed Master, and presented to the rectory of Ellingham in Norfolk. Contrary to usual practice he continued the office of tutor after this appointment, and as his whole time seems to have been devoted to these college duties, he with a highly creditable liberality, gave up nearly the whole revenue of his living to his curate. His tract, entitled "Advice to a Student," written while he was engaged in that service, though not published till many years afterwards, is a proof how diligently he applied himself to this laborious duty. It is evident however, even at this period, he must have been scarcely less indefatigable in the studies belonging to his sacred profession: and that he was then laying the ground-work of that splendid reputation, which classed him

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