"IN THE CATHEDRAL OF COLOGNE.

"O, for the help of angels to complete

This temple-angels governed by a plan

How gloriously pursued by daring man,

Studious that He might not disdain the seat

Who dwells in heaven! But that inspiring heat

Hath failed; and now, ye Powers! whose gorgeous wings
And splendid aspect yon emblazonings
But faintly picture, 'twere an office meet
For you, on these unfinished shafts to try
The midnight virtues of your harmony:--
This vast design might tempt you to repeat
Strains that call forth upon empyreal ground
Immortal fabrics, rising to the sound

Of penetrating harps and voices sweet!" Meantime, suppose we have been on our way; and that we are now at the village of Hersel, within three miles of Bonn, which, you see, lies before you a little to the right hand. That hill behind it, but still more to the right, and surmounted by a chapel, is the "Kreutzberg," or Mount Calvary. From that point you observe a range of low but beautifully wooded hills, stretching away to the south-west; dotted here and there with country-seats and hamlets, glittering in the sunshine: that is the chain of the "Vorgebirge.' In an opposite direction, in the extreme south-east, do you remark those hills, considerably higher than the last mentioned, the lower part of a bright-green tint, the upper more sombre in its hue? These are the Seven Mountains, the far-famed Siebengebirge," with their girdle of vineyards and coronal of woods. The one nearest us, surmounted by yon ruin, on which the sunbeams sleep so lovingly, is the "castled crag of Drachenfels." You perceive we begin to approach classic ground.

Vineyards lying, as those now under our eye do, on dead flats, even when loaded with gold and purple fruitage, are but commonlooking things. "A potato-garden, in county Kerry, would take the shine out of them, my honey! was the criticism of an Hibernian, whose opinion we chanced to inquire on board the "Dampfschiff," between Cologne and Bonn; and without going quite this length, we would not ourselves exchange (as regards the picturesque) one of our own hop-gardens for a wilderness of such vineyards. But when they are seen terrace upon terrace, investing with all the luxuriance of the most florid vegetation the bleak and barren rock that "frowns o'er the wide and winding "" river, and, as far as the eye can reach, empurpling the landscape, the change appears almost miraculous.

Vineyards must be picturesque when the vine is trained to lofty elms; and in modern, as in ancient Italy, this mode is generally adopted. The Germans, however, follow another and a much less picturesque plan, but one also infinitely less troublesome and expensive: they marry the vine not to the umbrageous elm, but to bare naked poles, eight or ten feet long. Of course, in many situations, as where terraces are cut out in the face of the bleak and barren rock (and not a few of the finest vintage of the Rhine are the produce of such localities). elms, or indeed trees of any kind, are quite out of the question. The poles to which the vines are bound are considerably less in height than those employed in our own hop-gardens. Many reasons make it desirable that the vine-poles should be rather short than otherwise; one is, that it is to enable the fruit to be as close to the ground as possible, in order to benefit from the reflected heat.

Arrived at the gate of Bonn, called, from its situation, the "Kolnthor," or Gate of Cologne; in five minutes more, the traveller may be relieved of his knapsack and his fatigue in the Star Hotel. We will take a peep, ere evening set in, at the outside of the vineyards that lie on the south side of the town. The gate through we are now passing is the "Coblenzerthor," or Gate of Coblenz; so named from its leading to that town. The suburb of Bonn lying in this direction deserves your notice. The ground before us, laid out in walks, and planted with trees and shrubs, is the Hofgarten," or garden formerly attached to the electoral palace. If you just look behind, you will see this building; for we walked under it as we passed through the archway of the "Coblenzerthor." It extends to a considerable distance on either hand, and is separated from the "Hofgarten" by a wide and handsome carriage-way. Though somewhat weather-beaten, it is, on the whole, a respectable-enough looking edifice. However, it no longer does duty as a palace, the King of Prussia having converted it into a university, when he acquired his Rhenish dominions. In compliment to him, it bears the name of Friedrich

professors several names of great repute.

This vineyard on our left hand, close to the wayside, with a sign-board over the doorway leading into it, bearing the inscription "Vinea Domini," was a favourite spot of the last elector, and he erected that pleasure-house (which you see peeping through the linden-trees) the better to enjoy it. It is now converted into a "Weinschenke," or tea-garden; and here the citizens of Bonn repair twice a-week, to sip their coffee and smoke their long-cut, to the accompaniment of the excellent music of the band of the "Uhlanen" regiment stationed in the town.

From hence we have a beautiful view. At our feet, but far below, flows the Rhine, so broad at this part of its course that it seems rather a lake than a river; the slopes of the terrace on which we stand are covered with the vine, almost to the water's edge, or only separated from it by a fringe of willows; and but a little way off, to the right hand, rise the Seven Mountains. Turn where you will, the slopes are clothed with vineyards; and on the opposite bank of the river, between us and the Seven Mountains, we may discern more than one "sweet Auburn" peeping through the leafy screen.

THE LONDON MISSIONARY MUSEUM.

THE arrival of a very old friend from Australia, who had spent upwards of twelve years in that colony, principally in the society of missionaries, and who brought over a letter of introduction to the Rev. W. Ellis, secretary to the Missionary Museum, first induced us to pay a visit to this almost unheard-of collection. The Missionary Museum was first exhibited at Jewry-street, subsequently at Austin-friars, and was removed to the present premises in Blomfield-street, Bishopsgate, in 1835. Although the arrangement of the numerous specimens is at present very imperfect, and no catalogue has been published, we obtained every necessary information from the labels affixed to the different articles, and from the intelligence and attention of the curator. This museum is particularly interesting on account of all the materials for its formation having been collected by pious and indefatigable missionaries, dispersed at various periods over the most distant regions of the earth, where they voluntarily undergo the greatest hardships and privations for the sake of promoting Christianity among the heathen. Many of the objects in the collection, not only particularly illustrate the religious worship of the people among whom they were stationed, but many of then also display the ingenuity of the savages in the manufacture of different articles before their intercourse with Europeans; and others, again, the great advantage they have gained in the progress of the arts and civilisation from the partial labours of the missionaries. Among the former, every one must be struck with the collection of the household gods of Pomare, late king of Otaheite, presented by himself after he had embraced Christianity," in order," as he said, "that the people of Europe might know Tahiti's foolish gods." These consist of rude carvings of wood, and figures so grotesquely dressed with feathers and pieces of cloth, that to the eye of a European they rather resemble the attributes of the nursery, than the objects of sacred worship of any nation. There is also an extensive collection of Hindoo, Chinese, and Burmese idols, and we were particularly struck with one from the South Seas, somewhat resembling in form the lower part of the mast of a ship, only its exterior is composed of a whitish papery substance, manufactured by the natives, and there is a dark band of the same material twisted round it in a spiral direction, about a foot apart. This idol measures twelve feet high, and having been rescued by Mr. Campbell from the hands of the natives while they were in the act of committing it and many others to the deep, after they had relinquished their idolatrous worship, it was sent over to Britain by Mr. Campbell, as a trophy of his successful exertions in that remote and uncivilised part of the globe. Here are also portraits of native chiefs of the South Sea Islands, and elsewhere, who have embraced Christianity and adopted European costumes; and there are also several frames about two feet square, containing miniature portraits of many of the missionaries, and their no less enterprising wives, among which none proved more interesting to us than those of the Rev. H, Threlkeld, and his amiable lady, having heard so much of their piety and excellent qualities from our old friend who accompanied us, and who had for years been an eye-witness of their unwearied zeal in the cause of truth, and their benevolent exertions in endeavouring to promote the civilisation and happiness of the natives of Australia. This persevering man has not only written a grammar and vocabulary of the

aboriginal tongue, but has translated a considerable part of the New Testament into that language for the benefit of the natives. Our friend related to us many attempts that he made to promote civilisation, but which were not always attended with success. Among others he mentioned that it was very common to see hordes of these savages passing the dwellings of the settlers totally naked, others with only a blanket thrown over them to conceal their nakedness, and from these a little girl was selected, with the consent of her parents, to be brought up as a Christian, and trained in all the habits and customs of the Europeans, with the intention of receiving her services as a household domestic. The child was dressed up in the cast-off clothes of a member of the family, and at first both she and her parents seemed perfectly delighted with so much finery; but upon further trial of her new mode of life, so irksome did the restraint of dress prove to the girl, that it was with the utmost difficulty she could be prevailed upon to wear it; and her parents unfortunately passing that way soon after, the child availed herself of the opportunity, and eagerly effected her escape.

Among the articles which display the ingenuity of the natives of the Society Islands, are beautifully-carved paddles, clubs, &c. executed with a sharp stone as a cutting instrument; and there is a case containing curious Chinese pictures composed of different pieces of cloth, sewed together in such a manner as to give the appearance of a kind of alto-relievo to the different objects represented. There are various specimens of cloth manufactured by the natives from grass and reeds, and the bark of trees, and even one from the fibrous portion of the celebrated Coco-de-Mer, some fine nuts of which occupy a shelf in an adjoining case. Here is also cloth spun by a spinning-machine, sent out by the Society, and woven by the natives in a very creditable manner; some articles of dress made up in the European fashion; and specimens of embroidery which would not disgrace the gentle fair of our own island.

A curious article of dress here is also worthy of notice, as being used in the Sandwich Islands by the nearest relative when a death takes place in the family. It consists of a stiff pyramidal envelope, which is put on like an extinguisher over the body, and bears a close resemblance to the well-known and cumbersome cover of our "Jack in the Green," on May-day, it being fantastically covered with leaves and other articles.

In natural history there are some good specimens of coral, rocks, shells, &c.; and among the latter we descried that curious species of pipe-fish (Hippocampus) better known by the appellation of sea-horse, on account of the great resemblance (in miniature) which its head bears to that of the common horse. The term sea-horse, though often applied to the walrus, is more frequently used to designate this small bony fish, which is found in almost every sea, and lives on small marine insects. It measures five or six inches in length, and the body is compressed laterally, and encased in prominent, bony, rib-like scales. The tail is much smaller than the body, destitute of the terminal fin, tapering gradually to a point, and turns up when dried. The dorsal fin bears a resemblance to a saddle, and the filaments on the back of the neck to a mane.

Among the minerals we perceived a grey iron ore, sparkling like mica, which appeared to us to be the Sibilo mentioned by Captain Harris, as used by the natives of Bechuana for ornamenting their bodies and skin-cloaks, and their naturally woolly hair, which he says, "is twisted in small cords, and matted with this substance into apparently metallic pendules, which being of equal length, assume the appearance of a skull-cap, or inverted bowl of steel."

The collection of moths and butterflies is but small, and not in good preservation; but instead of being arranged in cases, in the usual way, the specimens are tastefully and naturally disposed on leafless trees (in miniature) in different attitudes, and underneath, among the mossy turf, are seen beetles and other coleoptera, as if just emerging from the pupa state. Among the orthoptera is seen the well-known fabled praying Mantis, forming the most conspicuous object of this small group. The singular form, and still more singular habits of this insect render it one of the most curious productions of nature. From the manner in which this tribe stretch out their fore legs, they have acquired the reputation of diviners, and because they often rest on their hind legs, folding the anterior pair over their breast, the superstitious have supposed them in the act of prayer; hence they are known in Languedoc, where they are common, by the name of Prie Dieu. It is remarkable that this superstition extends to almost every part of the world in which this tribe of insects is found. The Turks regard them as under the especial protection of Allah,

and the Hottentots pay divine honours to them. The dry-leaf mantis, commonly called the walking leaf, in its shape and colour is remarkable, invariably suggesting the idea of a dry and withered leaf. The manners of these insects also, in addition to the structure, aid in the delusion. They often remain on the trees or the ground for hours together without motion; then suddenly springing into the air, appear to be blown about like dry leaves. The Indians of South America, where these insects are very common, believe that they really are attached to the tree at first, and that when they have arrived at maturity, they loosen themselves, and crawl or fly away. In some parts of the East Indies and in China, a species of mantis is kept, like game-cocks, for the purpose of fighting, which is performed with the greatest ferocity. Among the stuffed animals none is more striking than a fine specimen of the Giraffe, an animal which from its colossal height and apparent disproportion was long classed with the unicorn, and the sphinx of the ancients; a belief prevailing that it rather belonged to the regions of imagination than to the actual works of nature. This extraordinary animal, we are informed by a recent traveller, is by no means common in its native country, and, therefore, it is not remarkable that no very precise notions of its form or habits were obtained till within the last forty years. Its habitat is confined to the Mimosa districts, on the leaves of which it feeds. It is worthy of remark, that the giraffe has no means of defence but its heels, and that it utters no cry whatever: its method of walking is different from that of all other animals; it moves the fore and hind leg on the same side together, instead of diagonally, and this motion has been compared to the pitching of a ship, or the rolling of a rocking-horse, and the switching of the long black tail, and the corresponding action of the neck swinging like a pendulum, is said to impart to the animal the appearance of a piece of machinery put in motion. Its eye is soft and gentle, surpassing that of the oft-sung gazelle of the East, and it is so constructed that the animal can see before and behind without turning its head. The tongue has the power of extension, which enables it in miniature to perform the office of the elephant's proboscis.

Close to this gigantic creature is placed the shapeless two-horned head of the African rhinoceros, about four feet in length. None of the species peculiar to Africa are clad in the shell-like armour, like their Asiatic brethren. In appearance they are a gross caricature of the "half-reasoning elephant," and are about six feet high at the shoulder, covered with a tough hide, an inch and a half in thickness, of which the whips, known by the name of Sjamboks, at the Cape, are made.

Here is also that curious animal from the South of Africa, called gnoo-gnu, by the Hottentots, and wilde beest, by the Dutch, an animal by no means common in collections. It has been arranged by naturalists among the antelopes, but in form it partly resembles the horse, the buffalo, and the stag. Both sexes are furnished with horns enlarged at their base like those of the buffalo. They spring from the hinder part of the head, and after bending forward beyond the eye, turn suddenly upwards; but they are perfectly straight when the animal is growing. The gnu is lively and capricious, and is affected by the sight of scarlet, like the buffalo or bull. They feed in large herds, and are often killed on account of their flesh, which is very juicy and more agreeable than beef. When taken young they are easily tamed; but the natives seldom attempt to domesticate them, as they are said to have a tendency to catch and communicate to the other animals a dangerous infection. There are many other animals in the collection more or less worthy of notice; and we were happy to hear that the whole will very shortly undergo a thorough rearrangement, and that a catalogue will be provided for the benefit of the public.

On taking our departure, we cast another glance at the portraits, and could not help regretting that a likeness of the celebrated Ziegenbalg was not among the number. This was the celebrated German, who was the first Protestant Missionary sent to India by Frederick IV. King of Denmark; and it is remarkable that although the honour of originating the first Protestant mission to India belonged to Denmark, that from its commencement the majority of those who have been engaged in its service have been natives of Germany. It is true that the first Protestant mission of which we have any notice was founded by the Church of Geneva, in 1556, and sent missionaries to America, but it existed but a very short time, and but little good was effected; whereas the Danish mission above mentioned was established in 1705, and its continued prosperity is well known, as may be testified by the labours of the venerable and apostolic Swartz.

EFFECTS OF A DEFICIENT HARVEST.

WE extract the following from the January Number of the "Dublin University Magazine." It is a portion of an article, "Banking and Currency-Part I.," which we have reason to believe to be the production of Dr. Longfield, late a Fellow of Trinity College, and professor of political economy, but now a barrister, and professor of civil law. It is an exceedingly able article, written with all the quiet ease which perfect mastery of the subject gives, and, at the same time, so intelligible that a schoolboy may understand it. It is pleasing to see an able conservative periodical coming to the assistance of those who wish to rescue the great national questions involved in the discussion from the absurd imputation of being mere political or party subjects; and we may safely affirm, that any man who reads the following extract and is still incapable of making up his mind on the matter, is either incapable of understanding two propositions in English, or determined not to be convinced :

A deficient harvest exercises a more extended influence over the trade, and even over the currency of the country, than would at first be supposed possible. The first effect of a scarcity of provisions is obvious to the most unthinking. It is to raise the price of food generally through the country, with not much greater difference of price in different districts than would be sufficient to pay the expense of carriage from one part to the other. This consequence of a scarcity no man has ever yet denied, and it is almost the only one on which all are agreed. The effect of a scarcity on the wages of labour is not so obvious as its effect on the price of the provisions on which the labourer subsists, and on this point the most opposite opinions are entertained. Some economists maintain that its effect must be to raise the rate of wages. Their argument has the single merit of being brief and simple. The average wages of labour must, they say, be sufficient to support the labourer and his family in whatever he has been in the habit of considering the necessaries of life. This first proposition is thus proved; for if the rate of wages was less than that above supposed, marriages would become less frequent or less fruitful among the labouring classes. The poorest among them would either be deterred from marriage by the prospect of the privations to which he would be exposed by the burthen of a wife and family dependent upon him for their support; or if any are so improvident as to disregard this prospect, they will generally be unable to rear their children, who will perish from the various diseases produced by neglect and want. Thus the population will diminish until the rate of wages rises to its former level. Such is the argument usually relied upon to prove that the wages of labour depend on the habits of expense contracted by the labouring classes; its unsoundness, however, cannot, we think, escape the notice of any one who gives it an attentive examination. If it proves anything, it would prove that the rate of wages could never fall in any country, for the labourers generally expend all their earnings in the maintenance of themselves and their families; their habits of expense have been therefore settled according to the average rate of wages, and therefore, if the average rate of wages was regulated by those habits, it could never fall: and yet the above argument has been generally adopted by those who maintain that population has a constant tendency to increase beyond the means of subsistence, and to produce a constantly progressing diminution of the wages of labour. But the fact is, that a fall of wages has generally no influence in retarding the increase of population. When wages fall in a country in which the labourers are in the enjoyment of something more than the bare necessaries of life, they will contract their expenses, and forego some of the enjoyments to which they have been accustomed, rather than follow the advice of the political economists, and abstain from marriage. Even if the argument to which we are replying were valid, it would only apply to the average wages of labour, and would not throw the least light on the inquiry into the tenporary effect likely to be produced by a casual circumstance operating for a single season. For the reasons we shall presently mention, we believe that the effect of a scarcity is to lower the rate of wages.

The secondary effects produced by a deficient harvest are different according as importation is or is not permitted to supply the deficiency. If importation is prohibited, and the country is com

pelled to subsist upon the corn produced within itself, the rise in the price of provisions has the effect of transferring a certain sum of money from one set of men to another set. What the consumers lose, the producers gain. In consequence of the desire which every man has to eat as much as before, he will give up some other expense, and spend more than usual upon provisions, rather than do without his usual supply of food. The competition thus created among the buyers will raise the price of corn more than in pro. portion to the deficiency in the harvest. The quantity consumed must be diminished in proportion to the diminished supply, while the price paid for it exceeds that paid for the greater quantity consumed in years of ordinary plenty. The producers gain by the increase of price that is paid for the entire supply. The consumers lose exactly the same sum, and suffer at the same time the inconvenience of being obliged to subsist upon less than their accustomed supply of provisions. However, this inconvenience produces no general effect upon the state of trade; it is merely a certain quantity of suffering endured by a number of individuals. But the transfer of property from one class to another produces a slight derangement of the balance of profits in different trades. The producers of corn are richer, and able to purchase more--the consumers of corn are poorer, and obliged to purchase less than in ordinary years. Hence those who produce or import goods to supply the wants of the former class, are enabled to raise their prices, and sell more goods, and make a greater profit than usual; while those who produce or import goods to supply the latter class, are obliged, in consequence of the diminished demand for their articles, to lower their prices, make fewer sales, and be content with smaller profits. It is true, that a certain proportion exists between the average profits of different trades, any excess in the gains of one trade inducing numbers to flock into it, until increased competition reduces its profits to a fair proportion with the rest. But it is evident, and the fact is notorious to all, that this does not prevent occasional variations of great magnitude in the profits of particular trades. Few men can change their occupations on a short notice, and many cannot change them at all. Any sudden change in any trade affects, therefore, in the first instance, only those who are engaged in it, by increasing or reducing their pro fits; and some time must elapse before this increase or reduction can be removed by any increase or diminution in the number of those who are to share the profits. Thus, for example, if the effect of the late change in the rate of postage be to double the consumption of letter-paper, a rich harvest of increased profits will be reaped by those who are at present employed in the manufacture and distribution of the article. The increased business will at first fall principally to those who are at present in the trade. A new person entering into the business would be destitute of the proper skill, and would want the connexions necessary to enable him to conduct it successfully. In a year or two, however, profits will again find their level.

As the consumers of corn, who are not producers of it, form the great mass of the community, including all the artisans and poorer tradesmen, a deficient harvest obliges them to contract their expenses, and to consume less than heretofore of those commodities which are not absolutely necessary to their existence. Hence a slight diminution in the consumption of such articles as sugar, &c. which are the utmost luxuries of the poor. However, as the farmers and land-owners are enabled to increase their expenses by the same amount by which the other classes are compelled to retrench them, no very great derangement of trade is caused by a deficient harvest when the importation of corn is prohibited. But if corn is imported, the case is materially altered: this importation considerably diminishes the individual suffering arising from a scarcity of provisions, at the same time that it produces a serious derangement in the balance of trade. A certain equilibrium exists between our average exports and imports. This is disturbed by the importation of corn. England suddenly demands a large quantity, perhaps six millions' worth of corn. She may be ready to pay for them by her manufactures; but will those who sell it be willing to take those manufactures in exchange? Will the Prussian or Russian land-owner, whose wealth has been suddenly increased, be content to expend his increased wealth in the purchase of an increased amount of English manufactures? We say that the contrary will take place, and that his habits will remain unchanged, and his increase of wealth will be spent in nearly the same manner as his former income, that is to say, not one fiftieth part in the purchase of English goods. His countrymen will, in the first instance, have the advantage of his increased expenditure. It will not be felt in England until after a long time, and passing through

many channels. In this case the English producer does not gain all that the English consumer loses by the deficient harvest; for as six millions are paid for foreign corn, that sum of money is paid by the consumers in addition to whatever sum the producers receive. Thus the English have six millions less than usual to expend in the purchase of the commodities which they are accustomed to consume, while the inhabitants of the corn-exporting countries have six millions more. An effect results exactly analogous to what we have already noticed as taking place on a deficient harvest when no importation is permitted. In this latter case, the producers have more, and the consumers less to spend, and the manufacturers and tradesmen who supply them respectively gain or lose by the altered condition of their customers. But when importation is permitted, Prussia and Russia gain the six millions which England loses. In this respect, those countries may be considered the producers, and the English the consumers of corn. The commodities, therefore, which the Russians and Prussians consume, will rise in price, while those which the English use will undergo a reduction. But a very great proportion, much more than nineteen twentieths of the commodities consumed in any country, are the productions of that country. English manufactures will therefore fall, while Russian and Prussian goods will rise in price. This evil, after some time, works its own cure. The low price of English goods, injurious as it is to the English merchant and manufacturer, leads to an increased exportation, and an increased consumption of them by foreigners. On the other hand, the high price of foreign goods leads to a diminished importation, and a diminished consumption of them in England. Thus the market for the goods of one country is contracted, and that for the goods of the other is enlarged; and this state of things must continue until prices are gradually brought to the level at which they stood previous to the derangement occasioned by the importation of foreign corn.

In the observations which we have made on the effects of a deficient harvest, we have taken no notice of money, or the consequences of using it as an instrument of exchange. The effects which we have mentioned would be produced, if exchanges were all conducted by barter. The demonstration is perfectly independent of any allusion to the instrument of exchange; and the results will be the same whatever be the instrument of exchange in use, and whatever be the system of currency established. It will throw some light upon the subject of this article to examine how this effect is produced by the instrumentality of our present system of

currency.

When we require several millions' worth of corn from the Continent, this want of ours does not immediately produce in the inhabitants of the Continent a demand for that amount of English goods in addition to their usual consumption. The balance of exchange is thus deranged; and England, buying more than it sells, becomes the debtor to the Continent for the difference. The exchanges turn against us. A bill on England becomes of less value than a bill for the same sum of money payable on the Continent. The effect of this is to encourage exportation, and discourage importation. If the exchanges are five per cent. against England, the merchant who sends his goods to a foreign port and sells them for a bill for £100 payable there, receives what is in fact equivalent to £105 at home, since his foreign bill for £100 will sell for a bill for £105 payable in England. His profit is increased by the difference of the exchanges, and reserving the usual profits, he can afford to sell them cheaper by that sum than when the exchanges are at par. The reverse of this happens to the importer who loses by the difference of exchange, and who cannot realise his usual profit, unless he adds the exchange to the price at which he usually sells his goods. As the exporting merchant can afford to reduce the price of English manufactures in the foreign market, he is enabled to sell a greater quantity there than before. A diminution of price always leads to an increased consumption. However, this fall of exchange is never so great as to lead immediately to an increase of exportation sufficient to bring it back to par. Every one by his own experience can tell how slight an influence a fall of five per cent. has over his consumption of any foreign article; and in cases where there is a fixed duty which must be paid in the currency of the country, the exporting merchant cannot afford to sell his goods to the consumers at a reduction corresponding to the fall in the exchanges. But while English goods, if exported in too great quantities, will glut the foreign markets, and fall in price so as to entail a loss to the exporting merchant, there is an article which will not fall in price, and which can always be exported in considerable quantities at a comparatively trivial expense.

This article is bullion, the raw material of which money is made. The merchant who exports bullion when the exchanges are against us makes a profit equal to the difference of the exchanges, minus the expenses of freight and insurance. These latter expenses are very small. In the evidence upon the Bank of England charter, No. 3560, the expense of transmitting gold from London to Paris is stated to be about one-eighth per cent. ; and No. 3359, a profit of one-half per cent. is a sufficient remuneration for the merchant who imports or exports it. The difference of exchange can never much exceed this, and therefore can never exercise much influence directly upon our exports and imports. The excess of English bills must therefore, in the first instance, be paid punctually in gold. This gold will be taken, either from the gold currency of the country, or from the bullion in the possession of the Bank of England. In either case, a reduction in the quantity of the circulating medium takes place. In the one case, part of the circulating medium itself is exported; in the other, the gold is procured in exchange for Bank of England notes, and the notes so exchanged are thereby withdrawn from circulation. This diminished circulation has the effect of lowering prices generally in England. There is less money in the market to pay for goods of any kind, whether imported or produced at home. The currency is dimi. nished in quantity and raised in value. This fall of prices encourages exportation, and checks importation; our exports exceed our imports; the balance is paid in gold, which gradually flows back until the former quantity is restored, and the currency is reduced to its former value. The greater the ordinary trade of the country is, the quicker will be the restoration of the balance, since a smaller proportional increase in the exports and diminution in the imports will be sufficient to repair the derangement caused by the importation of foreign corn.

This process, which has lately taken place in England, naturally suggests some observations. In the first place, the exportation of gold, from this cause, is limited to the value of the imported corn. It is not likely even to reach this limit; for the instant gold begins to be exported. the currency rises in value, and gives the English merchants an inducement to increase their exports. The state of the exchanges also has the same tendency; and this increase of British exports, in part, supersedes the necessity of exporting gold. In short, the same causes which ultimately bring back the gold that has been exported, are in operation from the beginning to retard and diminish its exportation. Hence, in such a case as this, the Bank need not view the demand for bullion with any alarm. It is a limited demand for a certain purpose, and will cease of itself, and the gold will come back without the necessity of any exertions on the part of the Bank, which may continue to discount on the usual terms. A demand for gold from this cause can never be confounded with a demand caused by overtrading and excessive issues. The increased imports, which occasioned it, must ever be a matter of public notoriety; and besides, there is this criterion, which should never be lost sight of:-in the case of a demand for gold, caused by a deficient harvest, this demand will be preceded and accompanied by a fall in the prices of all British commodities, and by what may be called a general stagnation of trade. If the demand for gold is caused by excessive issues and overtrading, it will be preceded, and for some time accompanied, by a rise in the price of British manufactures, and by a general briskness of trade. While we were writing this, we met with a paragraph in the Dublin Evening Mail, copied from the Leeds Mercury, which we insert as applicable, not only to the present time, but to every season in which a supply of foreign corn is imported.

"We should delude our readers if we encouraged them to believe that the trade of the country this winter would not be universally bad. It will be so. Every department will suffer. The great cotton district is at this moment in severe distress; the great woollen district is not much better: the cutlery of Sheffield; the lace and stocking manufactures of Nottingham; the hosiers of Leicester and Derby; the hardware manufacturers of Birmingham and Wolverhampton; the potters of Staffordshire; the cottonspinners and weavers of Glasgow and Paisley; the linen-weavers of Dundee; and the great trading communities of London, Liver. pool, Bristol, Hull, and Newcastle,-are all labouring under a degree of stagnation, which will destroy the profits of capital, and leave scores of thousands of workmen without work and bread."

This is a natural consequence of their English customers having been obliged to pay six millions of money for foreign corn, and having so much less to give in exchange for the manufactures of their countrymen.