noticed, that Baron VON SWIETEN'S ludicrous version of the text
THE two best things that can be said for the new project which
of this oratorio was preferred to the amended one performed at the is announced in this pamphlet are that it looks very well upon
Abbey. As a specimen of the two, the following lines will paper, and that it bears internal evidence of being concocted by suffice— minds thoroughly versed in the science of the subject on which " See, flashing through the wet, The obvious aim of the authors of the plan is to establish the In thronged swarms the fry beau ideal of a currency, which, whilst it combines the desirable On thousand ways around. qualities of cheapness and safety, shall secure the colony against " While ocean teems with countless shoal those fluctuations in the circulating medium that frequently That, sporting quick, glide through its shoat, waves." , create distress or ruin in the generality of settlements. Another
Had there been no alternative, the adoption of the former trans- object, quite as clear, though not so palpably displayed, is to give lation, of which these lines are a fair sample, might have found an a fillip to the sale of " the lots of laud" in the colony that is to excuse; but here was a deliberate preference given to nonsense— be. The method by which these two purposes are to be accom-
The last act contained nothing but bits and scraps; arianged, It is assumed that the sum of 35,000/. at least will he required we suppose, upon the principle of contrast— HANDEL to wake us to carry on the internal business of the settlement. The put- grave, and GUGLIELMI to make us gay ; the chorus of Jews in chasers, therefore, of the first 35,000 acres, will be entitled to re-
praise of the ceive notes from the South Australian Land Bank to the extent
" One first, one last, one great Jehovah's name," of their purchase, the land being mortgaged as a security. The followed by one of the creeds of the Catholic Church, and an in- notes thus issued will be a legal tender in the colony, and be re- vocation of the deified wafer. GRISI, LABLACHE, and RUBIN!, ceived in all payments to Government; but they trill not be con- Were the principal attraction in this act. GRISI sung the Opera vertible into gold on demand from the issuers. In order to main- air of GUGLIELMI adapted to the words " Gratias agimus ;" tam n their value on the one hand, and on the Other to guard against which having been heard at every festival for the last thirty years, a restricted currency, two processes are to be adopted. In case of might, now, have been allowed to repose. LABLACHE'S magni- an " appreciation " of the Land Bank notes to such an extent as ficent voice found ample room for its display in the Minster ; and to exchange for Gd. more than a sovereign, purchasers in the second his singing PERGOLEEI'S " 0 Lord have mercy," (to the original aiceree would be allowed to mortgage their land for an advance of words,) was one of the most perfect things of the morning. notes until they were reduced to par. In case of a depreciation " Lord, remember David," was taken from BRAM AM, and given to of the Land Bank notes to 19s. Gd. simultaneously with an in- RUBINI ; for whose use a Latin version was furnished. BRAHAM, creased issue of paper, " the price of foreign bills estimated in we presume, was not at first aware of the transfer of his property sterling coin, or in bullion should there be no sterling coin in under its new title ; and having remonstrated against the dis- circulation, not having advanced," the Bank shall buy up a suf- covered appropriation, was allowed to introduce "Luther's Hymn," ficient quantity of' notes to raise the value of the remainder to as a sort of compensation. MOZART'S quartetto, " Ave verum," par, by issuing Bank bonds. These securities will bear interest
though in the books, was not sung. according to the customary colonial rate ; the charge of which
The Me5sia1 was performed on Wednesday morning. Some of the will be defrayed by the persons on the credit of whose land the songs were most injudiciously allotted to the singers, and of ne- notes were put in circulation. Should, however, the fall in the eessity but feebly performed. The most palpable absurdity was value of the paper currency be attended by a rise in the price of placing in GRISI s hands "Rejoice greatly :" perhaps the design foreign bills without having been preceded by an increased issue was to burlesque HANDEL—in that case, it succeeded. Easy as of notes, then the Bank, instead of buying up their paper by the the songs in this oratorio seem, they are in truth completely above sale of bonds, will sell bills upon the Colonial Commissioners in the reach of the common run of singers, who think their duty England, and immediately reissue such notes in discounting Cole- fulfilled when they have given utterance to the notes before them, nial securities. currency—the mischief is then done. An over-issue is only de- tected in its effects : wild speculations, over-trading, rise of prices, have all taken place; and then, perhaps, nearly as much injury arises from restoring as from depreciating the circulation. For this reason, we look with considerable suspicion on all schemes that remove from the issuers of paper the responsibility of paying in gold. The security, like all others, may of course be broken down ; but it possesses at least this advantage, that the originator of the evil is the heaviest sufferer ; and experience shows that men are mostly cautious enough when heavy loss to themselves, or total ruin, is to be the consequence of their carelessness.
There are several other intended objects of the new Govern- ment Bank, described in the pamphlet ; but, as they have no con- nexion with the measure of value, but merely relate to token coins, or to the business facilities the establishment will supply, there is no occasion to notice them. It may also be observed, that if the probable benefits of the South Australian Land Bank were certain and not contingent, they would have suffered nothing by being stated with more sobriety of view. In the exposition of the founders of an empire, we expect more caution than in the descriptive advertisements of a knight of the hammer.
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