228 Observations on Money, Price, &c. cannot, by law, be above it. Com modities have not the same privilege, nor the same confinement*. Commodities may not be accept able to every one: money is desired by all, nor does any person ever think he has too much but a man may sicken at the sight of his goods, because no one chooses to buy them. Thus, commodities may, and often do, lie long in warehouses, paying heavy rents, and sometimes perish ing, till they become worth nothing; while cash and bullion may always be placed out to interest, or employed in purchasing commodities for profit. Commodities are greatly affected, both in price and value, by plenty and scarcity; but plenty and scarcity make no difference in the par, or exchange of the metals, but only in their value. The precious metals, generally speaking, are not only inconsumable, but also undestructible, and fixable, either in largest portions or smallest particles. Commodities have none of these qualities. Commodities being subject to continual decay, furnish a never-ceasing round of labour, in fulfilment of that denunciation against sin, where it is said, "In the sweat of thy face shalt thou eat bread." (Gen. iii. 19). Money, when sufficiency is acquired, enables its possessor to overcome the denunciation, so far as it relates to labour, and to live without it. [March, sured, that both you and he would encourage me to state my opinions, though opposed to his, for the sake of eliciting the truth. I have been an attentive and thoughtful observer of passing events for the last thirty years; in the course of which time I have felt practically the variations in the price of bullion. I agree with your Correspondent, that it is very desirable we should form correct ideas of the words in general use; I will therefore submit to his perusal (through your medium) a few observations upon the subject under discussion. After mature consideration, and much reflection on the terms barter, price, buying, selling, purchase, &c. I am of opinion that trade of every description rests upon its original foundation of barter, exchanging one commodity for another, and that bullion, or gold and silver, as well as costly jewels and works of arts, are commodities, and likewise matter of barter, subject to variations in their prices or relative value, as circumstances may affect them; for example, their abundance or scarcity, or the demand and supply. The metals when coined into money are the received circulating me. dium of a particular country, possessing a nominal value on the authority of the stamp thereon; yet experience has proved them liable to great fluctuation with respect to their actual or relative value, when considered as an equivalent; which is ultimately regulated by the state of the Bullion market. When carried into a foreign country, they are commodities for sale or barter, subject to variation in price according to the demand and supply, and are usually of more value than the same weight of bullion in bars. Money was the invention of man in very remote periods, to simplify and make easy the business of trade or barter, to serve as a medium for the interchange of commodities, when direct exchange might be impracti cable, which most frequently must be precious metals, has hitherto proved the case. Money, consisting of the the best medium of exchange, and serves as an equivalent for all indirect exchanges, by which happy invention trade or barter is approaching to a complete science. Money is not the measure of value, or price of a com modity, 1821.] On Money, Price, &c. - Dr. Parr and Bp. Hurd. modity, but a circulating valuable consideration given in exchange or payment, which common consent has established as an equivalent in all dealings. In latter ages, mankind have invented a paper medium, representing money, possessing no intrinsic value, but issued on the credit or responsibility of Banking companies, or of the government. It may be termed artificial money, but it has only been able to maintain its nominal value in well-governed states; and to be effective must not only represent a certain portion of the precious metals, but must be able to obtain that portion, or its relative value in commodities, otherwise public opinion will condemn it, in opposition to all laws and ordinances. We all talk about money, as if it were the chief substantial property, when in truth it is only an equivalent or medium of exchange, and is seldom possessed to any large amount, even by rich men; for it performs its allotted task, by currently passing from one to another. Price, in my opinion, is the measure or estimated value of commodities previous to exchange, adapted to, and expressed by means of the circulating medium; in other words, it is the quantity of money the seller expects to obtain for his commodities, first settled or measured by their relative value, compared with other commodities, and the equivalent, or money, to be received in exchange. Price is neither money, nor the commodity; we must not confound it with the equivalent, or money received in payment; every commodity has a price distinct from what it may sell for; it frequently happens that the possessor cannot obtain the price in trade or barter, I mean its value in money, and he may be compelled by circumstances to part with it below the price. I am aware what it sells for is frequently termed the price; but is that definition correct? We frequently hear of goods selling below the fair market price, or the rated value in money, equivalent to their cost and a moderate profit; and the same commodity has several prices on the same day. In the hands of the importer 229 or manufacturer it is fairly worth a certain fixed price; with the retailer it possesses a higher price, and by the consumer it is rated at a higher price still. Buying, selling, purchase, &c. are terms well understood, denoting the indirect mode of exchanging commodities, rendered necessary by the improved method of transacting business; since money, or the medium of barter, has introduced middle men or merchants, and dealers, whose object it is to gain profit, by procuring commodities of every description to supply the wants of mankind. And as they barter through the intervention of price and money, these terms are peculiarly adapted to convey a just idea of these transactions. On some future day I may be induced to submit to the judgment of your readers observations on other subjects. GEORGE WIRGMAN. Mr. URBAN, Jan. 5. Nforgotten strifes amongst the TOT for the purpose of reviving great, but to gratify a vivid, and, I trust, not illiberal curiosity, respecting their motives of action, allow me to solicit that some one of your numerous and learned Correspondents will gratify me with an explanation of the cause (long sought by me in vain) which induced the celebrated Dr. Parr to republish the Warburtonian Tracts in 1788, and inflict so severe a chastisement on the very ingenious and learned Bishop Hurd? I have been told with a confidence, and from an authority that I cannot disregard nor gainsay, that the reason assigned for Parr's hostility by the lively and (generally speaking) very accurate Mr. D'Israeli, in his Quarrels of Authors, is totally misconceived and inaccurate; nor, in truth, is the reason there assigned an ade quate key to the wounded spirit and deep-mouthed indignation of the erudite Editor of Bellendenus, who, being a most good-natured and benevo lent man, would not have sprung from his lair, surely, with such fierce and impetuous bound, from an impulse so trifling. There is no doubt but that Hurd, in consequence of this dreadful castigation, altered very much the Life of his friend Bp. Warburton, 230 Bp. Hurd.—Welsh Musick.—Indian Missions. [March, Warburton, which he was then engaged in writing. Had Parr found in that Life the sneers upon Dr. Johnson's fame, which he expected to find there (for the Right Rev. Biographer disliked exceedingly, and spoke, they say, with habitual disrespect of the critical powers, as well as of the style of that eminent Author), it was his settled intention to enter upon an enlarged view and dissertation on the genius and character of Warburton. How splendid and appropriate an arena would this have been for his deep and various learning, critical acumen, rich eloquence, and powers of gorgeous declamation! But Hurd has not mentioned the name of Johnson in his Life of Warburton; nor (stranger still) does the name of this his illustrious contemporary, and more than compeer, appear in any other of his works. The reason is, that he was afraid of him, whilst alive, and when he was gone, had too proud a feeling and too correct a taste to trample, before the public eye, on the carcase of a lion, before whose living presence he had crouch ed. Mr. URBAN, T. W. Blewill's Buildings, Fetter Lane, Feb. 22. MUCH has been said about the Welsh Poets and their Music. haben In looking over my old books, I found an account of their chief tune, namely, Unbennaeth prydain K. H. used to be sung by Bard Teulu. It would be in vain for me to say much about it, after what Tacitus and Dr. Wotton say on the subject. Dr. Wotton says, while the domestic Bard was singing what was particularly called the British Monarchy;' but ra-, ther in that time these Bards or Poets were held to sing in praise of British Monarchs, in which character the Bard was sent out as the Monarch arbitrator; he belonged to the Monarch in that manner, and for that reason. These feats were done in those parts of England over which he ruled. The English were considered constant enemies, because, upon their borders they had driven them from their own country, and from their pleasant and fruitful fields,-therefore their grandfathers, and all the Lords of the island, were heard and judged, that war and rapine upon their enemies, led to right and justice; for this reason the musical courtier was to go into the fields of the English while war was waged; he was an officer to sing the praises of the antient Monarchs, that the people might be stirred up to speak of and to retain in memory the great exploits of their forefathers, that being charmed with their heroism, they might emulate them. The antient Germans were also of those who sung in the field of battle, in the same manner. As probably the old Tune is not quite lost, it may reach the ear of some of our great Musicians of the day, and thus be revived. Yours, &c. Mr. URBAN, JOHN GRIFFITH. March 6. in their last Report, p. 126, bave HE Church Missionary Society, stated that they cordially embraced an opportunity of tendering the assistance of the Society to the important design of the Lord Bishop of Calcutta for the establishment of a Mission College near Calcutta. The wisdom of his Lordship's plan commended itself to every competent judge. The Committee could not witness without gratitude the general interest manifesting itself throughout porated Society for the Propagation the kingdom in favour of the incorof the Gospel in Foreign Parts; and contemplated with pleasure the readiness with which it had adopted this proposal of the Bishop of Calcutta, and the promptitude with which the Society for Promoting Christian Knowledge had agreed to support the same design. 50001. of the funds of each Institution have been devoted to this object. Desirous of co-operating in the great and common cause, the Committee made a like grant of 50001. for the same purpose, and empowered the Society's corresponding Committee at Calcutta to express to his Lordship its respectful acknowledgments of the enlarged views so eminently displayed in his plans for promoting the conversion of the native population of India; and to request that he would be pleased to accept the said sum of 5000l. in furtherance of this object. That sum has been vested in govern ment securities, awaiting his Lordship's disposal. In the Letter from the 1821.] Mission College at Calcutta.-British Topography. 231 the Church Missionary Society, dated July 17, 1819, the Rev. Josiah Pratt, in communicating to his Lordship the Resolution, adds, "I cannot but express my earnest hope that it may please God to grant His blessing to your Lordship's plan, and fulfil your utmost wishes for the benefit of India." The Calcutta Corresponding Committee in their Letter, dated Dec. 27, 1819, conveying the above communication, add, "It is their desire that this sum be placed at your Lordship's entire disposal at such times and in such manner as you may direct; and we are accordingly prepared to fulfil their wishes, whenever we may be honoured with your Lordship's instructions. It cannot be necessary to add the expression of our high satisfaction in being the organ of such a communication. Our own feelings are entirely in unison with those of the Society, for whom we have the honour to act; and we cordially rejoice in the Christian zeal and liberality with which your Lordship's grand Missionary measures have been encouraged." This Letter was signed by G. Uduy, J. W. Sherer, D. Corrie, J. Parson, T. Robertson, T. Tho mason. The Bishop, in his reply, dated at Chouringhee, Dec. 27, 1819, after acknowledging the above Letter, adds, "It can hardly be necessary to assure you that I have derived the highest gratification from this intelligence. I thankfully accept, and will, with the Divine blessing on my endeavours and purposes, faithfulfy apply this munificent donation. At the same time I rejoice to learn that your own sentiments are so strictly in unison with those of the Society for which you act; and I thank you for the expression of your satisfaction in the encouragement afforded to measures, of which Providence has vouchsafed to make me the humble instrument, and which I fervently pray may redound to the glory of God upon earth."-Signed, T. F. Calcutta. The Associations in all parts of the Country have expressed their cordial joy in this measure, as uniting the inembers of the Church in the pursuit of one great common object, by means ably conceived and admirably adapted to the present and growing wants of India. In a former Letter his Lordship bore testimony to the actual state of our Eastern empire thus: "With reference to the safety of the measure, I can feel no embarrassment; the danger, generally speaking, of attempting to propagate Christianity in this country, is not the difficulty with which we have to contend; ordinary discretion is all that is required; and every proceeding I should consider to be safe, which did not offer a direct and open affront to the prevailing superstitions. In any attempt to enlighten, to instruct, or to convince, experience has abundantly shown that there is not the smallest ground for alarm; and this I believe is now admitted by many, who once regarded such attempts with manifest apprehension. A more remarkable change of sentiment has seldom been effected within so short an interval." I have sent you these extracts from a conviction that yourself and your numerous readers will participate in the general satisfaction at viewing the salutary and benevolent steps which are thus in due progress in British India for spreading the Gospel of Peace without coercion of any kind, but by the mild precepts of the English Church. A. H. Mr. URBAN, March 7. AI feel highly gratified by observ S an ardent lover of Topography ing that the Local History of our Island has of late years claimed the attention of the publick, and especially that gentlemen have become authors in this department of Literature; for they alone are enabled to contribute to those expenses which are necessary to illustrate the antiquities and biography of a county. Several County Histories are now under the Press, and conducted by gentlemen. The History of Hertfordshire, by Mr. Clutterbuck; the History of Ďurham, by Mr. Surtees; the History of Yorkshire, by Dr. Whitaker: and the History of Cheshire is terminated by Mr. Ormerod; and that of Ancient Wiltshire by Sir Richard Colt Hoare, bart. who is eagerly promoting a Modern History of this County. To these may be added, a new History of Cornwall, the first volume of an extended History of Northumberland;— a long-expected History of Northamptonshire, by Mr. Baker; — and many 232 On British Topography.-Wantage Cross. many detached Descriptions of single Parishes. The Antiquarian world stands highly indebted to Mr. Britton and other authors, for their graphic illus trations of our splendid Cathedrals, and Monastic remains; and a very interesting accession has been made to our antiquarian knowledge, by the Views in Normandy (now under publication), by Mr. Cotman; and the Tour in that country, by Mr. Dawson Turner. But whilst I commend the zeal of our Topographers, I am under the necessity of condemning the choice of the materials which they have selected for illustration; for I have frequently observed much fine engraving wasted upon an indifferent subject; whilst others, far superior in merit, have been neglected. Nor do I think that sufficient attention has been paid to the portraits of distinguished personages, especially of those which have never been engraved. They are fit subjects: Biography and Topography should go hand in hand. I am led to these remarks by the inspection of the Second Volume of Mr. Surtees's History of Durham; from which we had every reason to expect Illustrations executed in a very superior style, as I understand that a handsome subscription was made by the gentlemen of the county for that purpose. For the landscape department, Mr. Turner was very properly fixed upon as the painter; and to Mr. Blore, a very ingenious artist, the architectural department was consigned. There are three large plates of the former in this Volume, all of which will, I think, bear a just criticism. In the first view, the principal feature of Raby Castle ought to have been considered; whereas a pack of fox hounds is made the principal, and the noble castle a secondary object. In the second View (Hilton), we live in a mist, and the plate appears to be only half finished. In the third (Gibside), there is the same fault, the view is monotonous, and indistinct; and the three partake of the same defects. Mr. Blore's subjects are very neatly drawn and engraved, but want force. I have too good an opinion of Mr. Turner's knowledge of his art, to suppose, that he will rest satisfied with the engraving of these plates; at the same time I could wish that this able artist would sometimes treat us with [March, a clear and quiet sky, and not always live in clouds of tempest. It is to be hoped, during the future progress of this fine Topographical Work, that more attention may be paid to its graphic illustrations: the County of Durham possesses many fine subjects; and the Views of its Town and Cathedral, from several adjacent parts of the country, are unrivalled by any other city. These scenes we hope will not escape the notice of the Author; and I heartily wish him both health and energy to prosecute and bring to a happy termination the laudable and arduous undertaking be has commenced. I am also sorry to animadvert on another splendid Topographical Work now in progress, i. e. Dr. Whitaker's Yorkshire. In Part III. Mr. Turner is again too confused, and too much in the clouds, and much good en graving is lavished on Romoldkirk Church, which has no picturesque or remarkable feature to recommend it. Yours, &c. F.A.S. Mr. URBAN, Rodmarton, March 8. A WRITER in your Magazine for Yours, &c. DANIEL LYSONS. |