"And did you really seriously be lieve such stuff, Perry?' asked I.

"Seriously believe it, Jack,' said Wigley; why as to that, let me tell you, my lad, it's a devilish hard matter now-a-days to know what to believe; for there's nothing to be heard, day after day, wherever you go, but these thundering dismal stories, every one more marvellous than t'other, a-flying about like grape and canister. We have stories about the French and Dutch, and long yarns every other post about the wild Irish; but those about you blue-jacketed, riotous rascals, as are here, at the Nore, and other places, fairly bewilder the poor people on shore, and put their pipes out; so that what with the marching, and drumming, and trumpeting of soldiers, horse and foot-the erecting of batteries, as if the enemy were in the offing-and other warlike preparations, why they live but a dog's life on't. Why, my dear fellow, there is nothing to be seen ashore at present, all round the compass, but women, dogs, and soldiers.'

You astonish me, Perry,' said I, and I much doubt me are at some of your old tricks.-Come now, be serious, and no larking; are there real ly so many soldiers in town at present?'

"Many?' cried Wigley; why, man, ain't I telling on you as fast as I can, that you'll see nothing else? You may think me larking or not, as you please; but I honestly assure you, Jack, I never was more serious in my life. I passed thousands on the road coming down; and I'll be d-d if Portsmouth isn't at this moment absolutely crawling with them, as well as Portsea, Gosport, and Farnham. Hilsea barracks are long ago bang-up and choke-a-block; and as for Southsea Castle, why, it's for all the world swarming like a bee-hive.'

"Why, zounds, Perry,' cried I, what a pother the goodfolks must put themselves into, and all about nothing! Sure am I, they needn't be so terribly frightened about either French, Dutch, or devils, while we lay here since they must thrash us before they can come nigh them, you

know.'

Now what a silly stupid you must be, Jack,' cried Wigley, laugh ing, not to see, with half an cyc,

through all that there flummery! Why, man, you make me perfectly wicked at you. Doesn't see, now, as plain as a pike-staff, that all them there stories as are hatched about your French, Dutch, and Irish, are all in my eye and Betty; and that the real truth is, the King and his government fears no one half so much as you blustering roaring boys, both here and at the Nore? Why, man, now as they say you've begun to tuck up your Admirals and Captains, what's to hinder such a multitude of scape-grace rascals, who are both daring and desperate, from jumping ashore, and doing unheard-of mischief. It is this, my heart, that they are frightened atand it is this that all them soldiers, as are swarming ashore, are called together to oppose-that you may depend on. Why, man, they've taken the very same precautions on the Medway and the Thames; for every village, hamlet, and inhabited spot, from Deptford, all the way down to Tilbury, and from Rochester all the way down to Sheerness and Shepey, is absolutely swarming with the soldiery-horse, foot, and artillery. I'm afraid, Jack, you'll have but a paltry account of your fancy girls before all these fellows are gone; for mind me, my lad, the sober blue, however true, had never the single chance of a kind look when once the saucy scarlet hove in sight. Doesn't recollect what that wicked wag of a fellow, Paddy O'Connor, used to say, that all our pretty girls, dogs, and turkeys, ran like devils after the scarlet ?-ha, ha, ha !'

"As for the girls, Perry,' said I, a little crusty at his ill-timed merriment, that's a matter of very small consequence indeed to any one, since belike there's more to be had where these same came from. I am far more concerned at hearing you say, who has such good opportunities of knowing, that the King and Government of our native land should harbour a single doubt of our fidelity, or think for a moment that we would betray them in the hour of danger. They must have been sadly imposed upon surely; for, though I know we have some daring, dauntless, restless rogues amongst us, (as who that considers our nuinbers can doubt?) yet I'll be bound to say, that our simple requests granted, there are more than three parts of us

"Why you must know, mate,' said I, that within this last week or two we've interchanged a good many letters with our chums, both at the Nore and at Plymouth, and it was a made-up sort of a plan between us, that as soon as we got properly settled we were to send each of them a deputation of two of our delegates to let them know all about it. Now, as I wished much to have a sight once more of London, as well as for the sake of the cruize, you know, it has been long settled now, that Jack Morris, our President, and myself, should go up to the Nore, whilst other two should be dispatched in the same way to Plymouth. But if, as you say, there's such a devilish guard of soldiers in the way, why, my cruize is all in my eye, unless we could fall on some scheme or other-which I really can't see at present-of getting a sort of a protection, or liberty card, from the nabs, you know.'

"Eh! and, by St George, but that's not such a bad thought of yours, Jack,' cried Wigley, and might be more easily done than you're possibly aware of.-Ay, man, and so you were thinking of once more having a dash at the town in your way to the Nore? In

faith, Jack, and it's an excellent plan, and a plan, too, that we must see if we can't get put in execution; for nothing would give me more pleasure, my good old friend, than to come down and find you and Morris safely housed in the Belle Sauvage. My eye! we would have such rare doings, you can't think.-Let me see-(musing) -Zounds, it will go devilish hard, now the Earl's coming, if I don't contrive some way or other that may enable you both to break through the line of the soldiery; for after you're once clear of the coast, the roads are as quiet as pussy. But, bless my thoughtless head, what am I thinking on-sitting here and gossipping with you, when I should be hurrying ashore -Oh, the devil's in the nimble heels of Time, when scated with an old friend and a can of grog-he doesn't walk his ordinary pace, but flies in tenleagued boots, like a pigeon-carrier.However, Jack, I'll see and contrive to give your scheme a thought or two before I sleep, tired though I be, and shall tell you my notions on it sometime or other to-morrow when I see you. Cheer up then, my dear heart; for you shan't want your cruize, and a good long one too, if it possibly lies in my power to serve you.-Remember me to Morris-give him my thanks -Good bye, my lad, good bye!'

"We shook hands repeatedly and parted. By the time I returned to the council the business was over, and the meeting dispersing, everything having been finally arranged and agreed on for the next day's proceedings. After talking a few minutes, therefore, with Jack Morris,-hearing what had been done, and telling him what I had heard from my old friend, Perry, I stepped into our own boat and returned on board the Charlotte—where, having retailed my news to the various inquirers, I took the earliest opportunity of jumping into my hammock, and was very soon fast asleep."

S.

We fear that our readers will not look at the title of this Paper with much satisfaction; they will think that more than enough has been already said on the subject. The staleness of the question assuredly is not one of the reasons which induce us to take it up, but if this were far greater than it is, there would still be sufficient in the condition of the country to justify us. In the short space of a few months we have fallen from a state of unexampled prosperity, to one of almost unexampled distress. Commerce and manufactures are suffering dreadfully, immense numbers of the working classes are destitute of employment, and in a state of starvation, the revenue has decreased in an alarming manner, and nothing is spoken of but bankruptcy and suffering. Apo, logy cannot be necessary for an attempt to throw light on the causes. We make such an attempt principally, because we think that these causes have been very imperfectly explained, even in Parliament; and that much has been said of them which is calculated to do prodigious mischief. We make it the more especially, because some of the most powerful of them have in the legislature wholly escaped accountability, and are to be retained and strengthened under the idea that they will act as remedies.

Some years of suffering, previously to 1824 and 1825, had greatly diminished production, and the stock of most commodities, save agricultural produce, both here and in various other countries. In 1824, demand began to press somewhat upon supply in most articles, and of course prices began to rise. The recovery of agriculture from its long period of distress, swelled mightily the demand for merchandise and manufactures, and this, in return, swelled greatly the demand for agricultural produce. The improvement here naturally produced a proportionate improvement in the nations with which we trade, and this carried general demand still higher.

When times are bad, the stocks of commodities lie in a comparatively few hands; speculators will not touch them, and retail dealers will only hold small portions. When prices rise from

seanty supply, both speculators and retail dealers hold largely. When the advance commenced in 1824, the Government, instead of draining money out of the market, as it had long done by borrowing, was pouring money into it, by reducing its debt; and this, with some other things, caused money to be abundant for both speculation and regular trade. Consumption and demand can become giants and dwarfs in a moment; but production and supply require some time for enlarging or diminishing themselves. Both here and abroad, the great increase of consumption, and the heavy purchases of speculators and retail dealers, caused the supply of most articles to be short, and in some created a degree of scarcity.

In 1825, foreign governments, as well as our own, had almost ceased to borrow money, and from this, the 'operation of the Sinking Fund, and the preceding year's prosperity, the glut in the money-market became excessive. Saving a glut in agricultural produce and labour, no glut in a trading country like this can well be more destructive than one in the money-market. The excess inevitably resolves itself into one of goods, and destroys itself by ruining those who deal in them. We know from whom we differ, when we say that we cannot believe in the doctrine which teaches that there can be constantly an excess of money-a redundancy of circulating medium-an excessive issue of paper or gold-a depreciated currency. The doctrine is flatly opposed to the laws of nature. There may be for a short period a superabundance of money, but it will as suredly soon dissipate itself, for it cannot be employed except in causing a superabundance of goods. On this we shall say more before we cor.clude this article.

For the greater part of the last year, a large portion of the superabundant money operated prodigiously to increase consumption, without increasing supply. The erecting of the new cotton manufactories, iron works, &c. the building speculations the buildings, utensils, &c. of the new companies-employed a great quan

tity of labour, and took a vast quantity of goods out of the market, without bringing any into it. The demand for various important articles could scarcely be supplied. An immense portion more of this money was employed in taking goods out of the market, and holding them on speculation. Prices kept rising, and every one prospered.

Production during all this kept receiving mighty additions to its powers, but it required some time to get its increased crops of cotton, &c., the goods of its new manufactories, &c., ready for sale. At length these began to reach the market, and they did this at a time when consumption was gigantic, and credit almost unbounded. The retailers were almost necessitated to keep heavy stocks by the largeness of demand; the smaller merchants and wholesale dealers, from the goodness of credit, were enabled to buy almost as largely as they pleased, and they were tempted to buy largely from the ease with which profitable sales were effected; and the leading merchants were almost compelled to order very largely from abroad to meet the calls on the market. All things conspired to prevent the market from breaking down under the stocks of different commodities, until they obtained the widest basis and greatest weight possible.

At length production reached consumption, and prices became stationary; it passed it, and then they began to decline. Before we describe what followed, we will, from what has been said in Parliament, examine in detail some of the causes which led to the destruction of balance between supply and demand.

A set of people in this country ascribe every variation of prices solely to our currency. Bad harvests-destruction of the means of producing-the loss of sources of supply or demand abundance or scarcity of trading capital-sudden variations in consumption -all these things are without influence on prices. If a rise take place, no matter what the cause may be, the cry is set up-? -The currency is depreciated! The banks are ruining the country with an excess of their paper! We hoped that the slang had had its day, when, to our utter astonishment, the Ministry adopted it. Upon look

ing at the issues of paper from the Bank, it was seen that these had not varied much during the rise of prices, and that they had been considerably less than they were for some years previously, when prices were very low. This was grievously mortifying to the enemies of a paper currency. However, upon looking at the issues of the Country Banks, lo, and behold these had been almost doubled during the rise. Here was a discovery! Without more ado, the Earl of Liverpool, Mr Robinson, and Mr Huskisson, on the one hand, and the Marquis of Lansdown with the other Whig heads on the other, asserted in effect that these increased issues of the Country Banks had supplied the new companies, the purchasers of foreign stock, the speculators in cotton, tallow, &c. &c. with funds, and had caused the destructive glut in the money market!!!

The question is one of immense importance, and it is one on which the Ministry and the Opposition think alike. We shall, therefore, speak of it without any regard to reserve or compliments.

It will, we suppose, be conceded to us by all, save Economists and Philosophers, that a nation ought always to possess as much circulating medium as the honest and legitimate needs of its pecuniary interests call for-that, whether this circulating medium consist of gold or paper, there ought always to be as much of it in the market as people may find it necessary to buy, provided they can give twenty shillings' worth of goods for the sovereign or bank-note. No one, we apprehend, will say that the circulating medium ought never to exceed a certain sum; and that if this sum should be found insufficient for the fair needs of trade, people should be compelled to resort to barter-the farmer should be compelled to barter corn for cloth and groceries, and the manufacturer to pay his wages with bread, bacon, &c., obtained in barter for his manufactures.

It will, we suppose, be likewise conceded to us by all, that the amount of circulating medium necessary for supplying the nation's honest and legitimate needs must fluctuate very greatly; and that an increase of population, or trade, or riches, may make an addition to it indispensable.