thousand Yugas. The day of Brahma is so called. His night is of the same duration. His utmost age, according to that reckoning of day and night, is one hundred. One half of his age is gone; with the other half commenced this Kalpa; and of this Kalpa have passed six Manus Sandhis included; and of Vivaswata Manu, have passed three times nine Yugas; and of this the 28th Yuga, this, the Krita, is passed. In the Yuga are one million seven hundred and twenty-eight thousand years. from this, for the purpose of calculating time, one may collect the numbers into one sum. The sum of four hundred and seventy-four divine years multiplied by one hundred, passed while Brahma was creating the planets, the stars, the Dewas and Daityas, the moving and the motionless things of this world.

The planets move constantly westward with the stars, with very great speed; and the victorious remain alike even in their respective paths. There is an east movement, hence they have a progress daily by or through thet zodiac. Being free from the influence of the Parinaha,‡ from that power they devour the stars. They move quick, too, with a little time, and with a great deal their motion is small. The stars are also said to be nourished by their revolution.

60′′ Vikalas make 1 Kala, or minute.

The numbers of the revolutions§ of the Sun, Mercury and Venus; of Mars, Saturn, and Jupiter, Sighra, moving east, in a Yuga:

The number of revolutions of the Moon's Uchch'a (Apogee)¶ in a Yuga is

Vamam-pata**

488,203
232,238

Of terrestrial Savana days, from sun-rise to sun-rise, in a Yuga, the number is

Of sidereal days,

Of Lunar days,

Of Adhima-sakas,

Of Tithikshayas,

Of solar months,

1,577,917,828

51,840,000

The number of star-risings reduced by the number of the sun's Bhaganas (or revolutions through the zodiac) is the number of terrestrial days.

* After this.

Literally-star-numbers, by or through the stars of the zodiac.

This seems to mean a grand sphere containing all the fixed stars by whose motion they move.

¡ Bhaganas.

Sighra means quick.

Oochihe means high Apogee.

** Means left or back-fall.-Node.

The lunar months are the difference between Bhaganas (revolutions through the zodiac) of the sun and moon.*

The solar months being deducted the remainder will be the number of Adhimasakas.t

Having deducted the Savana days from the lunar days, the remainder will be the Tithikshayas.‡

By multiplying these numbers of Adhimasas, Unaratris sidereal, lus nar, and Savana days in a Yuga, by one thousand, is found their respective numbers in a Kalpa.

The number of the sun's manda|| (slow) revolutions, moving east in a Kalpa is

Of Mars's

Of Mercury's
Of Jupiter's
Of Venus's

Of Saturn's

Of their Patas to the left§ as follows:

Of Mars's

387

ART. IX.-Mr. Grenfell's Speech. We introduce to our readers, the very important Speech of Mr. Grenfell on the transactions which have taken place between the government of Great Britain and the Bank of that country. Wherein it is clearly shown, that what will always take place in the negociations between two parties on money matters, wherein the one is fully master of his business, and the other not, has taken place on the present occasion. It is a lesson of which our own Government may profit if it pleases: felix quem faciunt aliena pericula, cautum.

But the great point of this able exposition, is the proposition of Mr. Grenfell, that Government has its own remedy in its own hands: that it may if it pleases become the sole issuer of paper

money.

Formerly, the medium of intercourse-the standard resorted to to settle the negociations of barter and exchange, was the coined bullion-the gold and silver money of the Country, coined under the authority and inspection of the Government of the Country. Every nation thought it expedient to reserve to itself the privilege of its own coinage. It was on this principle that when Mr. Jefferson was secretary of state, he steadily and unhesitatingly refused the offers of Boulton and Watt, to coin or even to erect here their coining-apparatus, although they had struck so many coins for the East India company-and for the Monnerons and other bankers of Paris. Coins that did honour to the taste and skill of the time when they were issued.

* 57,758,336-4,320,000-53,433,336. 53,433,336-51,840,000-1,593,336. † 1,603.000,080-1,577,917,628-25,082,252.

Seems to be the same as Tithikshaya.

Manda means slow-the Apogee seems to be implied!

¿Or back.

This reservation on the part of every Government, is made for the purpose of preserving inviolate the great medium of commerce and exchange. It is because coined bullion actually was, the real medium of commerce and exchange. With the same views, justified by the precedent of every civilized nation in Europe, the federal Government of America received from the people the exclusive right of superintending and regulating the coinage of the country, and of preserving the exclusive control over the mintthe mint of the United States.

The ground of this was, that the coin of the country, was every where the medium of the commerce of the country. The reason of the privilege therefore, points to this-that the Government of every country ought to have the exclusive control over the common medium of commerce, whatever that medium may be. If circumstances for instance, had rendered it convenient to substitute platinum for gold, or nickel for silver, the reason of the privilege would have extended to platinum and nickel, for the same cause that it extended before to gold and to silver.

In England, since the stoppage of specie payments, the medium of commerce is no longer gold and silver, but bank notes. The Government of England therefore as it appears from this speech of Mr. Grenfell, deem their privilege to extend to bank notes, for the same reason that it heretofore, and still does extend to gold and silver.

We have imitated the financial conduct, publickly and privately of Great Britain to a certain degree. We have substituted as they have done, paper money for gold and silver coin. We pay in that, all private, all public debts. Paper money is now the medium of commerce: no one pretends that there is actually in the country, coin to redeem the paper money issued. The reason of the thing, extends therefore to paper money: and why should not we carry our imitations of Great Britain to the extent they arrogate? this is an important subject, which shall be taken up again. ĚD. The speech of Pascoe Greenfell, Esq. in the House of Commons on Tuesday, the 13th of February 1816, on certain transactions subsisting betwixt the Public and the Bank of England. With an Appendix. London, Murray, 8vo, 1816.

OF

[From the Monthly Magazine.]

F late years the Parliament of Britain has signalized itself by collecting and disseminating information on several important points of national economy. We imagine it would be hard for the most determined reformer to shew how, by mere extension of the elective franchise, or any enlarged constitution of the legislative body, an House of Commons could be found more worthy, in this respect, of the public confidence. At a time when party violence has graduated through various heights, until at last it seems to have reached its acme, it is well to resort to any thing which can excite, on fair grounds, a favourable view of the intelligence and integrity of the assembly which makes laws for us. On its reputation for wisdom or folly, the intellectual character, as well as the

political spirit of the nation, must in some degree depend. So long as it contains men with the literature and habits of gentlemen, what is agreed on within its walls must have a strong sympathy with what is best in the public: and until the whole of that public, or at least that part of it whose leisure and education fits it for making a ready and decisive opinion on public acts and relations, shall become all at once, and permanently, wiser or better, it is evident that what could be done by a reformed House of Commons must depend more on the spirit, intelligence, and personal independence of the unministerial part of its members, than on any new mechanism of the whole body. The character, not less almost than the existence, of the country, is in the hands of its responsible ministers. The country is not, nor cannot be aware, until from the nature of the thing it is perhaps too late, of how much both are on occasions committed; and it would be unreasonable to expect that the ministers themselves should be always aware of the true complexion or consequences of their own measures. From occupation of mind, from a commendable contempt of small difficulties, and from that inevitable trust of self which pervades human nature, it is clear that, in giving their minds to the rapid succession of affairs in a great nation like this, ministers must be far advanced in some measure resulting from a preceding one, before even the first outward results of that of which it is a consequence can be made apparent. This is almost always true with respect to great projects of state. It is just one of those fatalities in human affairs, which by demanding an union of requisites the most opposite, operate as a constant check to any progress which tends beyond a certain point. It requires at once the longest reach of generalization, and the most untired capacity for particulars. There is nothing for all this but a phalanx in our legislative assembly, composed either of men who have known, or may wish to share, the duties of office themselves, and are not only disposed, but able, to criticise acutely the proceedings of its holders for the time being,-or of those who, without any turn for office, or experience of its duties, have yet sagacity and penetration to see when the public interests are attended to, and when they may be neglected, and with this, firmness to pursue their investigations, and good sense and management enough to make them understood and appreciated. It is creditable to any country to possess such men; and we are of opinion, that it is from their influence that our House of Commons has derived to its proceedings a character of directness and sincerity which appears so greatly wanting in newly-formed legislatures elsewhere. While that House has men who devote their days and nights, their ease and their credit, their fortune and pleasures, to the public interest, it can never become contemptible from the indiscretion of injudicious assailants or weak defenders. Among those men, the speaker now before us merits, in our humble opinion, a conspicuous place. A few circumstances in the history of the Bank of England, previous to Mr Grenfell's investigations, seem needful for elucidating their scope and object. So long as the Bank continued responsible

for its issues, by being liable to pay in specie, like any private bank, it seems to have been sufficiently careful and circumspect in its bargains with the public; and its advances to Government and to the merchants seem to have been influenced by each other. The discounts were subject then, as now, to great fluctuation. Mr. Bosanquet stated to the Lords' Committee, that he had seen them decrease in amount from a whole to a third. So cautious were the directors in their transactions with Government, as, in 1783, to refuse making the usual advances on the loan.* In 1782, the highest amount of their notes in circulation was 9,100,000l.; in 1783, 7,300,000%; and in the year following, 6,700,000l. From 1787 to 1793,the amounts were eight, nine, ten, and eleven millions; in 1794, a little less than eleven millions; in 1795, 13,500,000l.; in 1796, a little more than eleven millions. From 1777 to 1794, the advances made by the Bank on land, malt, and other Government securities, had fluctuated from seven to eight and nine millions, never exceeding 9,900,000l. In 1795, they stood at eleven millions. At the end of that year, it was understood that Mr. Pitt contemplated a loan of 3,000,000l. to the Emperor of Austria. At this momentous period, however, the country began to feel vitally the effects of its hitherto unparalleled exertions. Taxation had cut deeply into a national capital, which had not been reinforced by any temporary expedients, or excited by artificial stimuli. The pressure of commercial distress, which is always more or less attendant on a state of war, had then been considerable. Demands for accommodation at the Bank had been great. That corporation, trading on ascertained resources, had become impressed with the necessity of limiting its issues of notes, and of caution in giving discounts. The doubtful success of our continental alliances against France, and the spirit of change which seemed brooding over the mighty waters that bounded the political horizon at home, had banished mercantile confidence. Hoards of gold where everywhere made by the timid and avaricious; and men's fears, operating on their interests, made those with small possessions desirous of withdrawing their floating paper securities for something more tangible, in the event of foreign invasion or domestic tumult. In this situation of things, so early as 3d December 1795, the Court of Directors thus expressed their opinion to Mr. Pitt: "Should such a loan take place, they are but too well grounded in declaring (from the actual effects of the Emperor's last loan, and the continued drains of specie and bullion they still experience), that they have the most cogent reasons to apprehend very momentous and alarming consequences.' This opinion was enforced and repeated in two deliberately formal opinions, delivered to the Chancellor of the Exchequer by the Court, on 14th January and 11th February 1796. Previous to these dates, the demand for gold from abroad was very great. The market price of that article was four guineas

* Report of the lords' committee of secrecy on the causes which produced the order of council, 26th Feb. 1797, p. 23.