that fuch reduction is confidered as the next degree of refolution, in point of fimplicity, to our being able to effect the folution by means of circular arches, or by logarithms only." P. 253.

This author then proceeds to fhow the investigation of the method, which is very operofe.

The inveftigation of the formula for the rectification of any arch of an ellipfe, is given by way of Appendix, which is longer than the preceding part of the paper. With refpect to the contents of this Appendix, we must unavoidably refer our readers to the paper itself.

XII. Chemical Analysis of an uncommon Species of Zeolite. By Robert Kennedy, M.D. F.R,S. Edin. &c.

The Zeolite, which forms the fubject of the prefent paper, was found enclosed in a mass of prehnite, in the bafaltic rock upon which the caftle of Edinburgh is built. It poffeffes fome of the characteristic properties common to other ftones of the fame clafs, but differs in other refpects. Its colour in fome parts is nearly white: in others greyifh white. Though its fibres appear to be the effect of cryftallization, yet this author could not difcover a perfectly regular and determinate form in any of them. The fmall fpiculæ, or fibres of this flone, are tranfparent and colourlefs, with a confiderable degree of luftre. The unbroken parts of the ftone poffefs lefs luftre and lefs tranfparency. The fpecific gravity of different fpecimens of it, at the temperature of 60°, was found to vary from 2,643 to 2,740.

Either friction or heat render this ftone luminous in a dark place. The light which it gives by flight friction is fully equal to that which is given by two quartz pebbles when ftruck against each other.

After the defcription of the external characters or properties of this mineral, the principal of which we have abundantly mentioned, this author relates the experiments which he made for the analyzation of the fame, the refult of which fhows that 100 parts of this Zeolite contain,

Silex

Lime

Argil

Oxyd of iron

Soda, about

Carbonic acid, and other volatile matter

with fome traces of magnefia and muriatic acid.

51.5

32.

0.5

0.5

8.5

5.

98,

ART

ART. V. An Enquiry into the real Difference between actual Money, confifling of Gold and Silver, and Paper Money of various Defcriptions. Alfo an Examination into the Confitution of Banks, and the Impoffibility of their combining the two Characters of Bank and Exchequer. By Magens Dorrien Magens, Efq. 8vo. 68 pp. 2s. 6d. Afperne. 1804.

WE

E regard this tract as a collection of ftrictures on Mr. Thornton's work on paper credit, although Mr. Magens no where announces it as fuch; giving it, like the other, the form of an elementary treatife. In oppofition to Mr. T. he maintains with Mr. Boyd, that the bill of exchange is not a part of the national currency: to fettle this point it is neceffary à definition of currency fhould be given; and it may be defined to be coin, or whatever elfe performs its proper functions as fuch, to a confiderable extent. Extent of ufe, intitles the things performing thefe functions,* to be called monies, or currency. Under this title, Mr. M. admits notes payable on demand to the bearer to fall. As they bear intereft, and the holders rather retain them than bills payable to order, they change hands lefs frequently; therefore we have formerly denominated them inert and active currency respectively.

Now thefe, it is evident, may be received at their nominal value; and yet, falling to a difcount in the poffeffion of the receiver, ftill continue currency, although depreciated currency, and this he in effect admits: therefore, by parity of reafon, a note fo increafing in value, ftill retains its title to that defcription. Such is the bill of exchange, having a term to run, which is conftantly fo increafing to the end of that term: (p. 25) and even Bank paper, in places where an adverfe exchange with England takes place, continually increases in value for that period. Mr. M. therefore gratuitoufly fays, that currency is what circulates without increase or diminution of value (p. 16). What he lays down to controvert Mr. Thornton's proof, that a bill of exchange given for commodities is not a reprefentative of any actual, that is, fpecific property, might be fhown to confute itfelf if we could here. enter into it. We are fenfible, alfo, with him, of the general iniquity of the practice of drawing and redrawing, and that of its objects; yet we find fome helitation in fuppofing, that money was ever fo raised to obtain high intereft by fecurities

Cowries, falt, nails, &c.

on

on Weft Indian eftates (p. 10). If he were to compute how many drafts muft pafs and repafs, in order that the parties fhould retain in their hand the fraudulently borrowed capital, for five years only, he would find that purpofe is not to be effected by the most complicated circuity of draft and remittance.

A leading propofition which Mr. M. inculcates is, that a mercantile bank thould never in any fhape become the exchequer of the flate, or make advances to it. What he has faid to inforce this is of fo mixed a kind, that while parts of it deferve reprehenfion, there are others entitled to an equal degree of approbation. The advances of the Bank of England to the ftate, having been made in their own paper, have, he affirms, fo much increafed its quantity, that they have already brought it to a discount; the measure of which is determined by the rife of bullion. The fame argument was alfo infifted upon by Mr. Fofter, and an anfwer was given to it in our obfervations on his tract. On a former occafion also it has been shown by us, that in a country where no paper is current, and penalties are by law inflicted on the exportation of coin, whenever it has an adverse balance to pay, which must be done with gold and filver, thofe metais will rife higher than the mint price. Mr. M. further urges, that the aid given by the Bank to merchants has been restricted in proportion as its dealings with government have been extended: but we muft diftinguifh the aid given. by the Bank to commerce into two kinds; the direct, when discounts are granted to the merchant in the firft inftance, and the circuitous, arifing from the total of its paper, current at any one time. Now it is contended, that the chief aid which the company gives to trade is by means of the latter; and its tranfactions with government greatly increase the number of notes in circulation; Mr. Magens therefore ought here to have shown. the contrary to what Mr. Thornton lays down, that a confiderable reduction of the customary quantity of Bank notes, would involve the whole commercial world in the greatest diftrefs;* for Mr. M. supposes, that with the ceffation of advances to the state, such reduction would take place; and it will be urged against him, that thereby the general inconvenience might much overbalance the benefit which a few individuals would obtain from an increase of discounts. We will not fay, however, that such an answer could not have been given to Mr.

*Such diftrefs might be great, but it would be only temporary; for prices and credits, and every other circumftance, probably, would foon adapt themfelves to the new fituation of the money market; but if the measure were gradual, fuch diftress would not, probably, take place.

T.;

T.; and we are led to believe that it might, from the folidity with which Mr. M. replies to another pofition of that eminent writer, that the bufinefs of this country cannot be carried on by guineas, which he feems to have affumed gratuitously.

We have on a former occafion given our teftimony in behalf of banks of depofit like that of Amfterdam, when compared with national banks of credit or emiffion;* and Mr. Magens recalls to our recollection a great point of view which we omitted there to bring forward; this is, that when a nation like our own makes ufe of the agency of fuch a bank, in all its great money tranfactions, domeftic and foreign; it abfolutely becomes an effective fourth in its conflitution, pofleffing a complete negative power on many measures of the other three. Thus in our time we have feen the directors of the Bank determining whether the ftate fhould, or fhould not, fend pecuniary aid to a great foreign power: the fpirit of exultation with which the Bank "veto" was mentioned at that time, is in every body's memory. But we never have heard that the Bank of Amfterdam ever dictated, in political measures, to the StatesGeneral, or remonftrated against the fubfidies which they sometimes granted to their poorer allies; and the reafon was, becaufe its conftitution was fuch, that although the fame evils must follow its derangement, as must be the confequence of a derangement of the Bank of England, yet the exportation of bullion to any amount, would produce no further effect on its emoluments or payments in coin, than barely the lofs of cellar-rent for a fhort time. We fee in Mr. Magens's tract fome further account of the difcredit its money fell into on the capture of Holland by the French, and of the caufe of it. In violation of their conflitution, the directors had, in the courfe of fifty years, lent about a million fterling to the States and the East India Company; but on the approach of the enemy, they removed their treafure to places where they reputed it would be more secure from being feized; and it was the risk of its not returning which depreffed its notes to a difcount, at which they continued until the peace of Amiens; when a tax was laid on the inhabitants of Amfterdam to reflore the coin to the Bank; as that city had given fecurity for its folvency. Then foon it rofe to an agio of four or five per cent. as formerly. Our fentiments on the quantity of information contained in this work, may be gathered from what we have faid: the general tenor of the ftyle is plain and manly; although there is fomething of vulgar quaintnefs in the names the author

Review of Wheatley on currency, p. 126.

affumes

affumes for perfons engaged in fuppofed money transactions; and in looking over the margin of his book, we find one or two other inaccuracies marked by us.

ART. VI. Antiquities of the Inns of Court and Chancery: containing hiftorical and deferiptive Sketches relative to their original Foundation, Cuftoms, Ceremonies, Buildings, Government, &c. &c. with a concife View of the English Law. By W. Herbert. Embellished with Twenty-four Plates. Large 8vo. 11. 5s. Vernor and Hood. 1804.

THE

HE Origines Judiciales of Dugdale, published in folio, in 1666, 1667, and 1680, must be well known to many of our readers. But as that work is not only very expensive, but its details prolix, and its ftyle perplexing, the editor of the prefent elegant volume prefumed that he fhould render an acceptable fervice to the public, by extracting its moft valuable materials, and by adding fuch alterations and improvements as progreffively prefented themfelves. Mr. Herbert fpeaks of two preceding publications on the fubject, one published in 1790, and called "Hiftorical Memoirs of the English Laws, Inns of Court", &c. a mere reprint of part of Dugdale, and one that is confidered as very superficial, by the late S. Ireland.

We have seen one of the date of 1780, which, like this of Mr. Herbert, profeffes to be faithfully extracted from Dugdale, and is entitled, "the Hiftory and Antiquities of the Four Inns of Court"; it contains a very copious and useful Appendix of matters more particularly relating to the Society of Lincoln's Inn.

Mr. Herbert's work commences with an Effay on the antiquity of the common Law of England, which is followed by five chapters, feverally difcuffing the fubjects of the juftice of England, the four great courts, the creation, drefs, falaries, &c. of the Juftices of the King's Courts in Weftminster Hall, of trial in cafes civil and criminal, by jury, combat, fire and water ordeal, and wager of law, and, laftly, of punishment in criminal cafes. The four terms, fines, &c. &c.

The work next proceeds to give the hiftory of the Inns of Court and Chancery, beginning with the Inner Temple, and in fucceffion the Middle Temple, Inns of Chancery belonging to the Temples, Lincoln's Inn, Inns of Chancery belonging to Lincoln's Inn, Gray's Inn, Inns of Chancery belonging

to