gracious pardon, and a generous forgiveness of all past conduct, on the simple condition of your immediate return to that system of duty and discipline which has raised the British navy to a glory and renown unexampled in history, I mean to be in Portsmouth to-morrow, when I shall expect to find such an answer to this awaiting me, as shall once more induce me to visit you all, ship and ship -execute his Majesty's most gracious commands and leave you and your officers once more restored to harmony and good humour.

"I have chosen to transmit this note to you by my own faithful and confidential servant, Peregrine Wigley, and I confess I prefer him to be my messenger solely because I know he is well known to you all, and has your every interest as much at heart as he has my own. It is my orders to him, that he wait for your answer, which I sincerely hope will be such as will finally terminate this disagreeable business to the entire satisfaction of the Fleet, and believe me, to no one more so than your late Commander-in-chief. "HowE.'

"The President had no sooner concluded this affectionate letter than the state-room rung with reiterated cheerings. He now proceeded to read the other official papers contained in the packet, which were all received with high applause, and generally approved of. The meeting being thus all in good humour, the President had set himself to work in forming a scroll of the intended answer to Earl Howe, when he was rudely interrupted by Tom Allen, who peevishly demanded

"And what, pray, are you going to make of Admiral Colpoys?'

"This question created a momentary surprise, and naturally turned all eyes on Tom Allen, Bill Senator, and Jack Vassy, who seemed the only discontented persons in the whole meeting.

sident, interfering, we must put the vote regularly after what has passed. Come then, my lads, and let us see if we can't decide this knotty point at once.-Order in the corner there-and do pay a little more attention to the business before you.-What d'ye say now, the whole on ye? I'll once more repeat the question-Shall Admiral Colpoys and his Captain be delivered up to the civil power on shore without any more delay? Come, mates, out with it-ay, or no.- -What, no one speaks!-Well, I must push it forwards, I see. I'll tell you what, my lads, if there's no reasonable objection stated, and backed by a majority of the council, by the time this threeminute glass has run out, I'll take it for granted that you're all agreed, and directly send orders on board the London to bundle them both on shore without further bother. So look out, and make up your minds quickly. We have a vast deal to do yet, and it wears towards the hour of dinner.'

"A profound silence ensued, during which the President coolly resumed his task at the scroll, a good many entered into a whispering sort of conversation, and there were not a few whose eyes were steadily fixed on the fast receding sand. It was just on the point of expiring, when Tom Allen, who had given Bill Senator many significantly woeful looks, at last jumped up, and in a tone of the most whining vexation, exclaimed,—

"D-n it, Master President, you'll certainly not turn them ashore, without at the very least some mark of your decided disapprobation of their infamous conduct. I will be content if you'll call them before you and give them a public vote of censure before they go.

"I certainly am of opinion they shouldn't get off scart clear,' chimed Senator.

·

"Well, any other body of that opinion? said the President, looking round him. What, no more than two against the vote? Then it's decided; and depend upon it I shall take an early opportunity of putting your vote into execution. Now, delegates, I've written a few lines here-and a few lines is enough-as an answer to our late gallant commander-in-chief, Earl Howe. I shall now read them to you, and if you think proper to approve of them, I'll have them transcribed and

made ready for our old coxswain, Wigley, without any further delay. Be pleased to listen for a moment :

"Royal Sovereign, St. Helen's, 10th May, 1797. "MY LORD, We had the honour of receiving your excellent note by the hands of our old shipmate, your servant, Peregrine Wigley, and we beg leave to assure you, that the contents of it, while they satisfied every wish we had formed, has filled our hearts with the most ardent gratitude to you, as the steady friend and father of the British Fleet, and to our King and country for their munificent indulgence and prompt liberality. Our grievances, my Lord, are from this moment at an end. It shall now be our pride to prove to you, and to the world, that the loyalty of the Fleet has not been impaired, nor its disci pline rendered in the least inefficient by our late misunderstandings. We are highly sensible, my Lord, that, without order and strict subordination, our much-loved wooden walls, the bulwark of Britain, and the pride of the ocean, would soon sink into merited contempt and complete insignificance; and therefore, it shall be our future study to convince all Europe, by deeds rather than words, how much we feel indebted, both to our worthy venerable patron and father, and to our beloved King and Country.

"A visit from your Lordship tomorrow will not only be exceedingly gratifying, but very acceptable. As you have been pleased, my Lord, to give us a hint of your intention, we beg leave to say, that we will be proud to wait upon your Lordship at an early hour, at the Governor's house, in order to have the honour of escorting you on board. We are, my Lord, with our most respectful love and duty, your Lordship's faithful and devoted servants,

"THE DELEGATES OF THE FLEET.'

"The letter was received with applause, and just as it was transcribed Wigley thundered once more at the state-room door.

"I hope you'll forgive my qualityknocking, my dear boys, but want of time allows of little delay. Have you got my-Oh, I thank you, Master President-I hope this little folding will set all to rights, and that I'll

see you all to-morrow, when I've more leisure. I must now hurry ashore as if the devil kicked me. Good bye, my hearts-I trust you believe I wish you well.'

"O, undoubtedly, Perry,' cried the President; but why in such a hurry now at least stop one moment and take a mouthful of grog.'-Jack Adams, come, you're my fancy man, you know-take your old mate down to the ward-room, and give him a sneezer or two. Meantime, we'll arrange matters for to-morrow.

"You may depend on't, Davies, that if ever I had an agreeable commission to put in execution, this was one-for I was really anxious to have a little talk with my old messmate. We therefore speedily decamped from the council board, and a few minutes after saw us comfortably seated in the wardroom, with a jug of good stuff before us, and a platter of the best in the hooker."

“Well, my dear fellow,' said I, after we had freshened hawse a bit, 'now you've a spare minute or two, do give us some of your shore news. I'm very curious to learn what you've all been about lately, and what the people think and say of us.'

“They say very little good of you, let me tell you, my lad,' answered Wigley, 'whatever they may think; for there are too many cocked hats sauntering idly about the streets, a-growling and grumbling like hungry bears, for any one even to dare to chime in a word or two in your favour. Why lad, according to them, you are a mob of the most turbulent, lawless desperadoes the world has ever been bothered with; the Buccaneers, with black skipper Morgan at their head, were mere innocents in comparison-and as for the blood you have secretly spiltay, secretly, mind me-and the number of lives you've lost by drownings of a night-nay, don't stare so-why they're out of all count. Even I, Jack, who should have known you better, was completely staggered with their horrible ditties; and I fairly confess to you, that when I came on board on ye to-day, the first thing I looked out for was the yard-rope, and Jack Ketch's necklace, being positively assured ashore, by people I could hardly doubt, that you were to astonish the world by tucking up an Admiral and his Captain to-day without fail.'

"And did you really seriously believe 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 emeny 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 really so many soldiers in town at pre

sent ?'

"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.'

666

'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, laughing, 'not to see, with half an eye,

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'Conner, 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 numbers 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 seated 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 opportu nity 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. Apology 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

scanty 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 assuredly soon dissipate itself, for it cannot be employed except in causing a superabundance of goods. On this we shall say more before we conclude 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 quar