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cent higher than the 3 per cent red. This difference is owing, not to the interest which they bear, for that is the same in both cases, but to the different periods at which the interest is payable. The half yearly interest, or dividend on the red., was paid on the 10th of October, and that on the consols on the 5th of July. On the first, therefore, there was only ten days of interest on the 20th, but on the second there was three months and a half, and as the purchaser buys not only the stock, but also the interest due upon it at the time, the consols were more valuable than the red., by about three months interest, or 15s. When it is said that the purchaser buys not only the stock but the interest due upon it, it is meant that at whatever time he purchases, he is entitled to draw the next half year's dividend, though it should fall due a few weeks after. For some days previous to the payment of the dividends, no sale, or rather no transfer, can be made at the bank, in order to give leisure for the payment of the interest. That particular kind of stock is then said to be shut.

In judging what kind of stock it is most advantageous to purchase, various circumstances are to be taken into account, according to the price and the particular views of the purchaser. When all the stocks are at their true value, that is, 3 per cents at £60, 4 per cents at £80, and 5 per cents at £100, they will each yield to the purchaser 5 per cent for his money, and if he intends therefore to invest permanently, it is of little consequence what sort he purchases, because his interest is not to be affected by any subsequent rise or fall in price. If he has the prospect, however, of selling out again, he should prefer the 3 per cents, because, for the reasons already mentioned, they are likely to rise higher in proportion than any other. When all the stocks are above their true value, the purchaser who buys for the purpose of laying out his money permanently at interest, should prefer the 5 per cents, because they will yield the highest interest. Thus, in the above table, taking the price of the 3 per cents at 77, the 4 per cents at 95, and the 5 per cents at 107 in round numbers, the following is the rate of interest which the purchaser draws for his money in cash. In the 3 per cents, he draws £3 for

every £77 invested, being at the rate of about £3 18s. per cent.-in the 4 per cents, he draws £4 for every £95 invested, being at the rate of £4:4: 2 per cent and in the 5 per cents, he draws £5 for every £107 invested, being at the rate of about £4: 13: 5 per

cent.

I intended at one time to have constructed a table, exhibiting at one view the different rates of interest which each of the stocks yield at different prices, but the following general rule will perhaps be as acceptable to most of your readers. To find the rate of interest which the 3 per cents will yield at any given price; divide 300 by the price of the stock, and the quotient will be pounds, multiply the remainder by 20, and divide again by the price, the quotient will be shillings, multiply the next remainder by 12, and divide as before, the quotient will be pence--and these pounds, shillings, and pence are the interest drawn for every £100 Sterling invested at that price. Thus, to take the above example, 300 divided by 77, according to the rule, gives £3:17: 11, or nearly £3 18s. If the stock be 4 per cents, divide 400 by the price, if it be 5 per cents, divide 500 by the price, and the quotients will be the interest required.

There is still another point connected with the subject of the stocks, on which some of your readers, perhaps, may wish to have some information, I mean the Sinking Fund. I have already trespassed so long, however, that I cannot now enter at length upon the subject, and shall therefore simply state the general principle of its operation as a means of redeeming or cancelling the national debt. When government borrows a sum of money, taxes of course are imposed for paying the interest of that money, but to a greater extent than are barely sufficient for the payment of that interest. The surplus constitutes what is called the sinking fund, and is put into the hands of certain commissioners appointed by Parliament. These commissioners employ it in purchasing stock on account of Government, and draw at the Bank of England the half yearly dividends on that stock, in the same way as any other public creditors. These divid ends, or interests, are again laid out in the purchase of new stock, for which they draw interest, and employ it again

in the same way, so that the original sum with which they commenced their purchases goes on accumulating at compound interest. The stock thus purchased may be considered as so much of the national debt redeemed, because though the public derives no immediate advantage from it, so long as the commissioners draw the interest of their stock (it being a matter of no consequence whether the interest is paid to them or other public creditors), yet as the sum purchased by them is purchased for government, the latter becomes its own creditor to that amount, and may cancel or leave off paying the interest of the same when ever it thinks proper. Were the commissioners allowed to go on purchasing, and no great accumulation of new debt to take place, it is possible that they might in time get the whole of the government stock into their hands, and of course the whole national debt would be paid off. During the war this event was perhaps impossible, and even now various circumstances concur to protract it to an indefinitely distant period. In 1813, the commissioners had purchased to the amount of 236 millions, the whole debt being about 700 millions. In that year the operations of the commissioners were stop ped, and instead of allowing them to draw the interest of the 236 millions for the purchase of new stock, that interest was employed either for the current services of the year, or for paying the interest of new loans. Though a sinking fund, on this principle, is obviously, in certain circumstances, a powerful engine towards the redemption of debt, it has not hitherto produced all the effects which were at first expected from it. At the same time it is undeniable that it has been productive of many good consequences, both direct and collateral, and is in many respects worthy of the distinguished statesmen to whose firmness and decision it owes all its efficacy. Such of your readers as wish for more information on this subject, may consult An Inquiry into the Management, &c. of the National Debt," by Dr Hamilton of Aberdeen, and if my present and former communications shall tend in any degree to facilitate their study of that profound work, I shall consider them as not altogether useless.-I am, Sir, your most obedient servant,

T. N.

AN HISTORICAL AND GEOGRAPHICAL

ESSAY ON THE TRADE AND COM-
MUNICATION OF THE ARABIANS
AND PERSIANS WITH RUSSIA AND
SCANDINAVIA, DURING THE MID-
DLE AGES.

THE

(Continued from page 141.)

other commonly frequented route passed over the Caspian Sea from Derbend, and the other maritime and staple towns on its southern coast. This sea is extremely remarkable, both on account of its situation in the midst of extensive countries, between which it greatly facilitates the communication, and likewise for this peculiarity, that notwithstanding its magnitude, it has no outlet. Many geographers' have therefore supposed, forming an erroneous conclusion from other seas, that it had a connexion either with the Black, Northern, or Eastern Sea. Cazwini thinks that it flows into the first,' with which he supposes it to be connected by a subterraneous canal. He writes thus: "The sea of Alchrazr has neither its origin from (is neither a bay of) the ocean, or from any other sea, but it falls into the ocean through the gulf of Constantinople. This sea is exceedingly large, for it washes Chazaria, Dailam (Ghilan), Thabaristan, Georgia, and the desert Siah Kiuh;" and in another place, where he speaks of seas, he says, "The sea of Georgia and Dailam (the Chazarian sea) is separated from all others, and is not united with any of the seas mentioned. Large rivers and springs, which never fail, discharge their waters into it. Alhaucali reports, that this sea is black at the bottom, and that it unites itself with the Black Sea under ground. To the west of it lies Aderbijan, to the south Thabaristan, to the east Alkaria, and to the north Chazaria. Its length is 1000 miles, and its breadth, from Georgia to the river Aila, 550.” "On the north side of the sea is the Atel (the Rha of the Greeks, and the modern Volga), a large river in the country of Chazaria, which in magnitude resembles the Tigris. It rises in the country of the Russians and Bulgarians, and discharges itself into the sea of Chazaria. Intelligent men affirm, that this river flows in seventy-five branches, each of which is itself a large river. Its body of water is never changed or dimi

nished in the least, on account of its steady supply and wide extension. When it falls into the sea, it preserves its stream, for two days, distinct from it, but finally blends itself with it. It is frozen in winter, and its waters are fresh." Yacuti, in his Geographical Dictionary, describes thus the course of the Atel." There is no doubt respecting the magnitude and length of the Atel. It comes from the farthest south (?), traverses Bulgaria, Russia, and Chazaria, and flows into the sea Mergan. Merchants go up this river as far as Uaisu, and bring thence, as articles of sale, martins, sables, and squirrels. It is said that it comes out of the country Charchir, and passes between the two countries Kaimakia and Ghuzia, between which it forms the boundary. It thence proceeds westward to Bulgaria, then in a contrary direction (to the east, or rather south-east), to Bertas and Chazaria, until it empties itself into the Chazarian sea. It is reported, that ten rivers flow into the Atel," &c. (The rest agrees with Cazwini's account.) That this great river must have considerably facilitated the communication between the countries through which it flows, is so evident, that it requires no explanation.

When voyagers, then, had had the good fortune to reach the northern coast of the Caspian sea, which could be very easily effected if they waited for the favourable wind, which blew there regularly for a whole month, they were in the land of the Chazarians. They there unloaded their merchandise, whether that consisted of dates and southern fruits from the Persian provinces, or spices and perfumes from India, fine wines, linen, cotton, or silk cloths, ornaments of pearls and precious stones, and other articles of commerce, which the happy land of Persia either produces or manufactures. There is no doubt that the commercial voyages over the Caspian were numerous, and much more considerable than at present; and this is confirmed by the testimony of Edrisi and Ibn Haucal. There are, besides, many circumstances which lead to the conclusion, that, during the time of the Chalifat, there existed an extensive connexion and commerce between the Mohammedans and the northern people.

A great number of Tartar hordes,

as well upon the east and west as the
north side of the Caspian sea, were
very early converted to Mohammedan-
ism. Cazwini relates, in the chapter
upon celebrated rivers, that the Ara-
bian Chalif Moctadir sent Ahmed Ben
Fodhalan as ambassador to the king of
the Bulgarians. Faran in Tartary was
the native country of the celebrated
philosopher and musician Abunasr
Mohammed Ben Ahmed Tharchan,
who was killed in Syria by robbers,
A. D. 956 (A. H. 345). Besides him,
mention is made of two other distin-
guished men, who were born in the
country of the Moguls, and subse-
quently settled among the Arabians.
Cazwini informs us, that the Chalif
Alvatek Billah (who died A. D. 747,
A. H. 232) sent Salam, an interpreter,
who was acquainted with forty lan-
guages, to Yajuge and Majuge, that
he might obtain information concern-
ing the character and condition of that
wonderful people, and the nature of
the wall. (The interpreter gave him
the information required, but it is very
dubious whether it be true. I shall
afterwards continue the whole account
according to the MS.) Lastly, this
eircumstance must be taken into con-
sideration, that, according to the tes-
timony of travellers, Arabian antiqui-
ties and coins are frequently found in
Russia. Strahlenberg (in his Beschrie-
bung des Russischen Reichs, p. 316)
speaks of a metallic medal, with an
ancient Cufic inscription, which was
found among the Östiacks, near Sa-
varoff. At Kafimov, near Oka, there
is among the ruins a mosque, and in
burying-ground a mausoleum, with an
Arabic inscription. At Tcherdyn, the
old commercial town in Biarmeland,
Arabic coins are frequently dug up.
(Strahlenberg, p. 103.) Pallas informs
us, that not far from Simbirsk, on the
left side of the Wolga, where the ca-
pital and staple city of Bulgarians
was, there are still found in our times
a great number of sepulchral monu-
ments and silver coins, with inscrip-
tions in Cufic and in the modern
Arabic character. It is well known
that many similar remains have been
found among us in the north. We
shall afterwards speak more at large
on this subject.

On the northern and north western shores of the Caspian sea dwelt the Chazarians in the middle ages, a people so great and powerful, that the

ano

Arabians called that sea after them. It is probable that they removed thither in the first centuries of our era, from the east; and after they had shaken off the dominion of the Hunns, extended themselves to the countries bordering upon the Caspian Sea, and to the Crimea, by which means they formed a connection with the Greek Emperors. According to the testimony of Jornandes, they penetrated far into Russia and Poland, and in the sixth century carried on war a gainst the Danish king Frode, which circumstance, provided it be true, which we cannot in this place determine, since the Arabian writers make no mention of any thing of the kind, would appear to show, that the Scandinavians and southern Russians had an early connection with one ther. In the same century Chosroes Anushirvan built, as we have already said, a great number of fortresses in Caucasus, and established a viceroy in Shirwan, to protect the country against the incursion of the Chazarians, whence it appears that this country extended itself to Derbend and Shirwan. In the seventh, eighth, and ninth centuries the Chazarians were in their highest degree of prosperity. They were so powerful, that they frequently rendered assistance to the Greek Emperors against their enemies, and these, in return, procured the conversion of many of them to Christianity; they even commenced war against the Chalif Abdolarelek, but being unsuccessful in the contest, many of them were obliged to embrace Mahommedanism. They continued, nevertheless, at different times, most frequently, in conjunction with the Greek Emperors, to make war upon the Chalifs, who were enemies alike dangerous to them both. In the eighth century their king Bela, with a great number of his subjects, was converted to Judaism; but this fact rests only upon the authority of the fabulous Rabbinical book Cosri, which Buxtorf edited. After the tenth century their power gradually declined, until the Moguls made themselves masters of their country in the thirteenth century.

The Arabian geographers call the country on both sides of the Volga and between Bulgaria, the Caspian Sea, and the territory of Derbeud, Alchazr

(Chazaria), and refer the people to the Turkish race. Yacuti, according to Deguignes, informs us, that there are two nations, the one white, the other white or red; that they have market places and baths, and dwell on the banks of the Abel; and that there are among them Mahommedans, Jews, Christians, (and Pagans. Ibn Haucal says, that the king himself and his principal attendants are Jews, although these form the smallest part of the inhabitants. Their capital was, according to the same author, Samander, a fair city, formerly large, and very abundant in vineyards, but now laid waste by the Russians. Samander lay four days journey between populous towns, or twenty-four miles from Derbend, and seven days journey from the maritime and commercial city Atel, the present Astracan. This last is made the capital by Edrisi, who relates of it, that it is composed of two well inhabited towns, lying on each side of the river, which derives its name from it. The king resides on the west side of the river; the merchants and the common people dwell on the other. The town is nearly three miles in length. Cazwini says of it in his introduction, that Atel is an ancient race called after their river, which flows into this sea (the Caspian); their city is likewise called Atel. They have not much to live upon, and lead a miserable life (for they lived in a barren soil.) This small province lay between Chazaria, Albachyakih, and Derbend; and in the succeeding part of the description he makes this remarkable addition, that most of the houses were moveable felt-huts; from which it appears, that the Chazarians lived as the present Tartar tribes in Russia, and had the same kind of habitations as the Nogay nomadic tribes, the Bashkirs, and most of the others make use of at present. It is not therefore to be wondered at, that the city Atel or Astracan was three miles in length. Commerce has now made Astracan a fine and regular city, and the Tartars of Astracan, and likewise of Casan, have ceased to dwell in yowrts, and build regular houses of stone or wood. IbnHaucal relates, that near Atel there were many tents, and in the adjacent country only a few houses of clay, such as baazars (market-places), and bath

ing houses. The king himself inhabited a stone house, which was the only one in the country.

Balangar, another city, which, besides Samander and others, was built by Chosru, lay in longitude 85° 20', in latitude 46° 30', according to the tables of Nascereddin of Toos, and was also a residence of the king of the Chazarians. Sarai, a large commercial town upon the Volga, for merchants and Turkish slaves, was situated about two days journey from the Caspian Sea, towards the north, and had that sea to the south east of it. It was the residence of the Chan of the Uzbeck Tartars.

Ibn Haucal mentions a town named Asnud, which had so many gardens, that from Derbend to Sarir the whole country was covered with pleasure grounds belonging to it. They were said to have amounted to 40,000, and many of them produced grapes. In this town there were many Mahommedans; there were mosques in it, and the houses were built of wood. The king was a Jew, who maintained a good understanding with the Chazarians, and was on good terms with the Prince of Sarir. The distance of this town from Sarir was two parasangs. (It must have been directly north from Derbend.)

Abdarrashid Yacuti mentions likewise the town of Saksin, and describes it thus: "It is a large town in Chazaria, in longitude 86° 30', in latitude 43° 5'. The inhabitants, who are principally Mahommedans, are divided into forty tribes. They travel and carry on trade. The cold there is very intense. The roofs of their houses are of pinetree. There is a river larger than the Tigris, in which all sorts of fish are caught, and among others, one of the weight of a camel, from which they extract a great deal of fat, and burn in lamps; the flesh is tender. This river is closed in winter, so that men may pass over it.

The same author mentions likewise another part of Chazaria, which lay along the Volga, and was called Borkas. The inhabitants are Mohammedans, and have a language of their own, which distinguishes them from all other people. Their houses are of wood. In these they dwell in winter, but in summer they disperse themselves over the pasture lands. There are among them beautiful foxes and red

VOL. IV.

martins, the skins of which are made into fur garments. The night (in summer) is very short, and continues only about an hour. Cazwini also speaks of a province of Chazaria, which lay along the Volga. He calls it Borthas, and gives the following description of it: "Borthas is a long country to the extent of fifteen days' journey. The people are the Tehamistes (inhabitants of the coast) of the Chazarians. Their houses are moveable huts of felt. The river Borthas comes from Albogazgaz, and on each side of it are many inhabited and cultivated places. From the country of Borthas are exported many black fox-skins, which derive their name from it. Masudi says, that black skins are brought thence to the value of 1000 dinars. He adds, in conclusion, that there is in Chazaria a mountain called Batsrack, the direction of which is from the south to the north, which has in it silver and lead mines. Lastly, Nasireddin makes mention of a commercial and staple town called Abus kun, lying in longitude 89° 30′, latitude 37° 15', in the fourth climate.

To discover the precise situation of all these places appears to be extremely difficult, or nearly impossible. One hord dislodged another; some, from different causes, chose spontaneously other habitations; and tracts of country, by this means, frequently changed their names. The towns were generally of as moveable a nature as the hordes

that inhabited them. They either took to pieces their houses of felt, or when they were obliged to preserve them entire for the sake of a covering, they carried them away with them upon a waggon, and the city vanished. The situation of such places could not easily be found again, unless it had been particularly recorded or preserved by report, where they lay, or any conclusion could be drawn from any considerable ruins or antiquities found

in them.

Thus it was, that two hordes of Finnish race, the Biarmer and the Sirjaner, who dwelt on the western side of Ural in Great Permia, forsook, in the year 1372, their abodes in that mild region, for fear that Bishop Stephanus should convert them, and removed to a cold northern region near the river Ob. These Biarmer, Berasmier, or ancient Permiacks and Sirjaner were, when they dwelt in Permia,

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