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Meps. pUtes, charts, etc., may be filmed at different reduction retios. Those too lerge to be entirely included in one exposure ara filmed beginning in the upper left hand corner, left to right end top to bottom, es meny frames as required. The following diagrams illustrate the method: Lee cartea, planches, tablaeux, etc., peuvent Atre filmAs A dee taux de reduction diffirents. Lorsque le document est trop grend pour Atre reproduit en un soul clichA, 11 est filmA i pertir de i'angle supArieur geuche, de geuche A droite, et de haut en bes, en prenent ie nombre d'imeges nAcessaire. Les disgremmes suivants illustrant la mAthvde. 1 2 3 4 5 6 A GOVERNMENT SPECIE-PAYING BANK OF ISSUE AND OTHER SUBVERSIVE LEGISLATION, '•' ; PHOroSED BV THE FINANCE MINISTER OF CANADA. ''•Fcenm hoc fecit et nummus percussits."—FLmY. By the HONOKABLE ISAAC BUCHANAN, FORJIEBOY PRESIDENT OF THE COUNCIL IN CANADA. HAMILTON: PRINTED AT THE " SPECTATOR " OFFICE, PRLNOE.S SQUARE. 186«. ':>"^^'' " TliL' clear('!«l, wiiy tor ii» to jiulge ol' a great principle )8 to rcnieinljer that our children arc to l)e blessed or hIiKlitefi by it. In this way, we sliall generally form a correct. judgniciU aiid see our path of duty to interfere, when otherwise we would not see it. Take Religion for instance— looking to oneself, we :rre ashamed to say that it is comparatively the only tiling of any value, and which is alone really worthy of engrossing our ihouglits; but. looking to the vital consideration that the decision, is for otir children, we, at once get quit of our false shame. So is it with that ques- tion in Patriotic or Social Economy, which is the only thing of any comparative im- portance, THE EMPLOYMENT OF OUR OWN PEOPLE. To avoid thf recogni- tion of this W'o find to be death, not to ourselves only, but toour children For them ihcefore, we protest against the attempt to put to one side this THE OKLY RA- TIONAL COJJSIDERATION-THE ONLY ONE WHICH IS REALLY WOR- THY OF ENUROSJSING THE ATTENTION OF PARLIAMENT— THE OTHER CiUESTIONS OF POLITICS BEING MERE COMPARATIVELY INSIGNIFI- CANT DETAILS-GENERALLY MORE ORNAMENTAL THAN USEFUL. Let us, if wc dare, decide against this being the question of questions -\i\x\. until we do so. let us admit it to be THE FIRST QUESTION IN THE POLITICS OF EVERY COLONY, (INDEPENDENTLY OF THE CONSIDERATION OF ANY OTHER PART IT \RT OF THE EMPIRE.) AS WELL AS OF EVERY COUNTRY, AND KEEP ' PERPETUALLY IN VIEW."' " It was under the deep feeling of responsibility now referred to, that I have from time to time, from 184,5 downwards, written exposures of what, to me, seemed then, and seems still, the Delusion of Free Trade — untruthfully so called, as it is only a system of Free Imports, or the power to us to buy foreign labour, but not power to sell the foreigner British labour. It was under the same feeling of deep respon- sibilty that I have implored Canadians to take warning by the industrial past and ;?;■««<;«< of the United States,— although these have not been nearly so bad (unpa- triotic) as the industrial ;)«6^ noi io say present, of Canada. And it is under the same feeling that 1 now desire to hold up, to the British public at home, what I see is to be the more patriotic Future, industrially, of the United Stated.— [From a 6ro- 67i«r«by Mr. Buchanan, written some years ago, entitled "The Reorganisation of Party Government the Great Political Necessity.'' A GOVERNMENT SPECIE-PAYTNG BANK OF ISSUE, AND MR. GALT'S OTHER SUBVERSIVE LEGISLATION. "HOMELY INDUSTRIAL PRINCIPLES UNDER WHICH I.V ITS PARTICULAR CIRCUMSTANCES, imiTISH AMERICA WILL HAVE NOTHING TO ENVY IN THE INDUSTRIAL PROSPE- RITY OF THE ADJOINING REPUBLIC, ARE THOSE UNDER WHICH ALONE IT CAN BE CONTENTED, OR IN OTHER WORDS LONG REMAIN A PART OF THE BRITISH EMPIRE." To the Members of Both Houses of the PROVINCIAL PARLIAMENT now Assembled at Ottawa, Gentlemen, Hamilton, Cth July, 1866. The above motto is an old Saying and Conviction of mine, which I am sorry to feel would soon be brought to the test of experience, if Mr. Gait succeeds (which I cannot believe will ever be the case) in induc- ing you to adopt his European system of Legislation, for under it I see that prosperity would be impossible in any part ot America, whether that be the neighboring Republic or British America. On this all-im- portant subject we have the practical decision of the Americans, and theirs is the only experience in the world worth a .straw to us, seeing that the United States is the only country who.se circumstances and ours are the same. To Mr. Gait, as a valued friend, and as a man of whom Canada has a good right to be proud, I should be inclined to attribute the least odious or least unpatriotic position pos.sible ; but 1 cannot express less oliensively his European sy.stem, than by represent- ing it as a combined Hard Money and Free Import System, the practi- cal effect of which would be, that we .should be beggared l>y being doomed to purchase the manufactures of ihe Mother Country, although we have nothing to pay her for them. And I feel that it cannot, at this crisis of our fate, be too plainly declared, that human ingenuity could not devise anything worse for a new or poor country, than this British Industrial Legislation! * and that as a wu/^tro/'/ac^, there has never * " Tlie merchant and tiie manut'ucturer, the shop-keeper ami the ilay-hiborer, alike find their trade stopped and tlieir gains swtpt away. Siillei-iiig niid want (tprea Export of specie and bullion during same period 343,062,217 Excess of exports over imports $258,853,228 The total amount of imports of goods and specie during the same period was 2,500,350,318 Exports, specie included 2,512,120,741 Leaving 'a balance of indebtedness $54,220,577 Or thus : Imports, exclusive ot specie from 1847 to 1857 2,482,141,329 Exports, exclusive of specie " " " 2,160,067,524 Balance of trade against this country $313,073,805 " What docp this show but a clear loss to this country, in consequence of its want of policy, of upwards of //tree /mjuircti millions of dollars! What a commentary on our national system ! We have cast the specie exports since the California mine« commenced their products, to shew into whose pockets their treasures iind their way. [This table is unnecessary here.] The reader need not be told that this is all wrong; that our commercial system should have been such as to have saved the products of our gold mines, and, instead of paying to have received by foreign trade, a balance of one or two hundred millions annually." In the meantime in the face of all this American experience Avhat say's Mr. Gait? "We .should always, (.-^ays Mr. Gait in his late Budget Speech) endea- vour to approximate to that system of political economy which has borne such richfruila in the mother country." Now, many years a,^o in England I described this Political Economy as follows : — " And it is not only as regards colonial labor, but as regards the labor of the mother country, that British statesmen Imve adopted the most disloyal principles, for they do not pretend to owe more allegiance to the BRITISH LABOURER (WHO SHOULD BE THEIR POLITICAL MASTER) THAN THEY DO TO THE FOREIGN LABOURER. On the throne of Patriotism they have set up Political Economy ! Perhaps however we should be nearer the truth if wo hold that in England there never was, among her legislators, any more than the jn-etence of devotion to the interests of the British people. The success of ithe American Revolution showed Uieui, that no government could exist that had not the hearts of the people, and the subsequent troubles in France made this still more clear. The Political Economists, instead of honestly associating the Government with the people in their interests, humbugged (to use an unmistakablo word,) both the Crown and the people. That truly pojiular interests should prevail was no doubt the interest of the Crown, but this would not suit the British statesmen as representatives of the men of money. They knew that WELL PAID LABOR is a convertible term for CHEAP MONEV. They therefore introduced a contrivance which blinded both the Crown * Tlii-f, iiflfr all. wn" not what we in ('r.nmln would call a Low Tarill' ! i' and thp people. At Cambridge they had learned that " things which are equal to the same thing, are equal to one another," and they taught this both to tlie crown and the people. Their object of course was to pre- vent any actual oneness of interests between the Crown and the people ; Ko, they had to uso conHiderable sleight-of-hand ; and the juggle succeeded admirably ; ' Indeed the pleasure seemed u» |{ieul Of bein„ cheated Rs to cheat. Ah lookbfH on feel most delieht, That least perceive the juggler's sielKht ; And still the less Ihoy understand, The more they admire his sleight-of-hand !' " They accordingly set up this thing called Political Economy, and succeeded in convincing the people that it WAS PATRIOTISM they were called upon to worship. Political Kconomy (said they) is the people's interest. Political Economy also they averred to be the Crown's interest. And so, by the easiest geo/nc^n'ca/ process, the interests of the (Jrown and the people were proved identical, as being both identical with Political I^coi^omy ! But the great popular condition was never fulfilled, of money being permitted to become cheap, seeing that this . was the convertible term for labor being made dear, or employment fairly remunerated. The Political Economists knew well that there are but two ways of paying taxes. Taxes must either be ADDED TO PRICE (as they ought to be) or deducted from wages. If they could continue to be deprived of PAPER-MONEY * the people must be driven to the latter cruel alternative, and THEY WERE, AND STILL ARE, DRIVEN TO IT. There was never so refined a hocus " heads I win, tails you loose," as was the action of the Bullion Committee of 1810, which was able to make little or no progress till 1815, and the fact of the ministerial members of it having had, as their part of its dirty work, to silence by the bribe of the infamous Corn Bill, the great Landed Interest, is at once the condemnation of these heartless hard money men, and reason enough (apart from the question of its operation) for the eventual discarding of that greatest conspiracy against the masses the world ever witnessed — always excepting this monetary revoluMon which imposed on the country's industry generally the worse than Egyptian Bondage of Hard Money, to the success of which the yielding of the exception in favor of Corn was a necessary condition, so comparatively intelligent and keen was the agricultural interest. But they took the same line, as we have seen the most unworthy politi- cians in Canada take, — to prove themselves pure — they cried out against an imaginary corruption. But as in the one case so in the other, it was mere empty words. The actual fear was that money would fall and labor rise in value, but the modus operandi was to get up the " cry " that paper money might be OVER-ISSUED, and by this e '.pedient the money-mongers, as I have before said, succeeded in simultaneously humbugging both the Crown and the people. The air we breathe exists in SUPERFLUITY around us, but the lungs only appropriate the necessary quantity, so Trade could only absorb money to the extent of its transactions, which are the lungs of Trade. And as with the air, so with the paper money, or legal life's-blood of the Trade, the only question should have been us to its purity, for were the legal tender one pound note properly secured, and secw/cd even from any idea that it could be in over issue — by being only issued to the extent of gold inpossessionof either the government or chartered Banks aa the law may arrange — it is clear that no one but a lunatic Avould part with it for less than twenty shilling's worth." * I intended liere to have put an explanatory memorandum, but Khali j)ut it at end of this letter.— Isaac Biuhanan. BUT IN THK CTHCIIMKTANCES WHAT IS OUR PRACTICAL COURSE TO PREVENT RUIN TO THE '^.REAT INTERESTS OF THE J'ROVINCE, AND DANGER TO THE EMPIRE. An inHt^mtancons (loci«ion and momentary action by mcnibcrR of the Leffiaiuturc arc inipcmtivo, so that wo must not waste our time fighting' shadows. I would, therefore, divide Mr. (ialt's propositions into two — those on which he desires immediate action — and those com- paratively harmlcKs anticipations of his policy hereafttir. The measures on which he desires immediate action are his new Tiirilf and his res urrectionized specie paying Bank of Issue. .\nd as tc THE NEW TARIFF, Although there was no necessity for any alteration of the Canadian 'i'aritf at present, or till after the consummation of the Confederation of the Provinces, and although this step of Mr. Gait's places us worse in a future adjustment of the Tariff, yet as under Confederation we looked to our general duties lieing reduced to fifteen per cent., I would not be a party to oppose its passing, except in such parts an would force munu- facturim; industry to remove from the Province, ivhich I would view as too dear a price at which to purchase even Confederation. I of course sec however, that if under conkkdehation wk sKcrnF. a local cl'rrencv THAT CANNOT BE HEMOVED FROM THE COrNTRV, MUCH SMALLER CfSTOMS DUTIES WOULD RE SLKFicir.NTto retain among US our manufacturers and prosperity (these bein^ convertible terms in a country which must have rotation of crops and a market for its produce which cannot be exported,) thaii if it fiid we had a hard money system, and its natural results in America, scarcity and dearness of money, and as a necessary consequence, absence of general prosperity. My great aim has always been the contrary of that of Mr. Gait, who has merely thought of getting an increased Revenue, and has not stopped to consider the terrible evil of the trade and people generally being involved in debt and difficulty to pay for over- importations of goods ; while my long experience of the Province and its Trade and Resources have shown me that the smallest amount we can import is more than we can cay for by legitimate exports. MR. GALT'S GOVERNMENT SPECIE-PAYING BANK OK ISSUE. Lord Bacon warns us agrtinst the tendency of the human mind to the worship of system, from its being inclined to believe in a greater degree of order, regularity, and conformity with general rule», than really exists : and this is, I consider, the error of Mr. Gait. " Intellectus humanus ex proprietate suafacile supponit majorem ordi- nem et tequalitatem in rebus quam invenit. Et cum multa siat in na- tura monodica, et plena imparitatis, tamen affingit parallela, et corres- pondentia, et relativa, quoe non sunt."— (Nov. Org.) "The human mind, from its peculiar constitution, readily supposes a greater degree of order and equality in things than it actually finds. And, though many things in nature are, unique and disparate, it yet frames for itself parallelisms and correspondencies where none exist." But to speak in more homely phrase, I think Mr. Gait's weak point that which he and his friends consider his chief strength, his oneness op VIEWS WITH THE STATESMEN OF BRITAIN. He and they have taken for granted that Political Economy is a science; '~ut I deny that it is enti- tled to such distinction. A science is a thing of fixed facts, whereas the facts of Political Economy are ever varying circumstances I Beyond these I might have been glad to have had an opportunity to admit the subdivision of labor, and the law of supply and demand, ps fixed fao^s, on which to begin to form a science, but both of these have been shame- fully outraged by the soi-disant Political Economists. They have given 8 away our Nntion'ti litbor, ur all lliey could of it, to the foreisner, leaving little to subdivide. And they hnvo grossly abuaed nnd vioVated the law of Rupply'and demand, in fixing the price of Oold, the moral crime of which was jjreatcr than the nciontific, for no legialation could fix the value of ^old or any other commodity ; and the practical inju8tic« of thifl divor:i!) while at pre- sent they have in addition to this, tho amount of thoir circulation, making h individuals and classes crack it up. Under our hard cash (specie paying) system, the India and China Trade certainly involra England at all times in the greatest uncertainty, and on occa- sions, which latterly recur with more and more frequency, the most heart-breaking calamities. And what a fearful responsibility rests with those who have the power to do away with both these results, by simply rendering England independent of the trade in the precious metals, which can be done in a moment b]j making the Bank of England notes a legal tender to the extent the Bank holds gold. * 80 great is the drain of the precious metals to the East, under our present Buicidal system, that England is not more secure against money panics than before the late great discoveries of gold in California and Australia! The most dreadful effects in England, followed in 1846, 1847, and 1848, from the adoption by her of a system adroitly called Free Trade, (but which is only freedom to the Englishman to purchase the labor of the foreigner, without being freedom to the Englishman to sell his labor to the foreigner,) from its not being seen, how utterly incompatible this opening of her ports was with her specic-ixiying enactments ; and no one was more rejoiced and thankful than I, that practically these effects were (by the great, though unlooked for, gold discoveries to which I have above alluded,) afterwards qualified. — But 1 oliall never ailmit that Peel's Free Trade measure was otherwise than the most revolutionary that ever was put on the statute book of any nation, as that most certain to reduce the employment and the wages of the working classes of his own country, while it, so far as it could do it, laid the foundation of the loss of England's Colonial Empire. The following were my remarks on this subject in 1849 : " No one rejoices more than I do, or is more thankful to God than I am, that by the most marked interfereme of Providen'je ia the dis- coveries of gold in California and Australia, our mother country is in the meantime saved. But let who will admitthat, humanly speaking, therein any certain guarantee for the continuance of these gold importations, I shall never stultify myself by doing so. And when Peel originated the Free Import Iicgislation which was sure to take away gold, he had not the slightest right to anticipate them. The plan now suggested by me for the consideration of the Legislature of Canada is (and 1 shall always be anxious to !iave this understood) the very rever.se of the theories before which 15ir I{. Peel succumbed in 184G." If nny thing could have made Peel's systen work it would have been the large and coutinaous supplies of gold from unexpected (luarters in addition t» those known to him; but the Becietis toM ia the following extract from the money article of the Times oflSth Nov., ISG'i. " Owing to the Indian absorption, the present drain of bullion has been of a more exluusive and protractc^d charaotar than any that has been witnessed since the panic of 1857. With two slight exceptions, it has ♦ The Bank of Knglitiid dirpotors shonid piiy irold at llii' niiirkct priciv lit'ni^plvo'* iiri>iiii>(Ml ill IS|(l, tliat tlic B.ink r u now gone on uninterruptedly for fourteen weeks, until a total dinaiau- tion has been sustained of £8,022,638, which may probably be further extended by the return to be published to-morrow evening. The last previous outflow of any consequence waj in 1860, when there waa a falling ofi during eight consecutive weeks, and an aggregate reduction almost precisely similar to that just witnessed, which led to an advance of the rat3 of discount from 4 to 6 per cent. In the period which pre- ceded the panic of 1857, the drain was uninterrupted for eighteen weeks, or four weeks longer than has yet been witnessed in the present in- stance, and the total reduction sustained was £4,576,980, while therate of discount was carried from 6^ to 10 per cent." [The writer then shows wherein the present demand for the precious metals differs from that of 1860 and 1857, and concludes his oDservations by remark- ing, that] " there would apparently be no great reason to expect any further or rapid upward movement in the terms of the Bank if there were any symptom of a probable pause in the remittances now being made to the East. Reckonincc the £500,000 of bills "drawn by the India Council, we seem at pi '.sent to be transmitting to India at the rate of about three millions sterling per month, and pending tho uncertainty as to the point to which these operations will extend, all calculations re- garding the future of the money-market must be vague. Enough, how- ever, will be apparent to every observer to indicate a necessity for the exercise of caution." To the same point la an article in the number of the Westminister Review, for January 1864. In spite of our troubles in India, and a state of chronic warfare in CMna.. the increase of our trade with the East during the last ten years has been enormous. This, too, may be looked upon as only the beginning of a commerce that must grow to proportions which cannot be estimated. The most important feature, too, of Eastern trade, is the manner in which it absorbs the precious metals. This is a pecu- liarity so intimately bound up with the social condition of the East that it is likely to last as long as their ignorance and mutual mistrust. Until A system of credit can grow up among them like that which in Europe dispeuses with the use of gold and silver for almost all things but retail transactions and the payment of labour, the East must ever remain a perfect sink for the precious metals. What amount of money would be sufHcient to saturate the hoarding propensities of these hundreds of millions of men, who believe in notliing bu^ the little store they know of under some hearthstone or other favorite hiding place ? There is no practical limit to the demand of the East for the precious metals, except the industry that they can develop iu its acquisition, and that industry is susceptible of indefinite de/elopment." This view is supported by the following extract from n work just published by Dr. ^Nassau Lees, on the Drain of Silver to the I ast: " Will," he says, " the drain of silver to the East continue? After what has been stated above, it is hardly necessary to state that a DBHAND FOR AN INCREASED SUPPLY OF TUK PRECIOUS MKTAL8 wUl CONTINUE ; as Ilk PUTDBE PROGRESS OF TUE COUNTRY, WHICH PRESENT EVENTS FORESHADOW, THE DEMAND WILL YET BE ENORMOUS. The experience of America gives us some data on which to found an estimate of what the demands of an intelligent and enterprising people, rapidly forming themselves into a great nation, on the precious metals of the world may be ; and though it cannot be asserted that the circumstances and prospects of India are precisely si'nilar, they are nevertheless such as fully to warrant the 14 above conclusion. Indeed, since 1867, it may be said that India has entered upun a career of progress, the limits to which no living raan can define. Regarding the amount of gold and silver afloat as currency, in the various countries of the civilized world, there are very conflicting opinions ; but estimating the amount of gold and silver calculating as coin in Great Britain— the country in which, perhaps, the greatest economy of the precious metals consistent with the maintenance of proper safeguards is observed — at £80,000,000 * and the population at 80,000,000, and estimating ihe currency of India in 1857 at an equal amount f — an estimate I venture to thipk high — and the population at 180,000,000 it requires but very little calculation to show that India is capable of absorbing silver to the amount of 4,000,000,000 roupees or £400,000,000 in addition to this amount, for the purposes of currency alone. Kor must it be forgotten that India is able to support a population of many millions more numerous than she at present possesses ; nor, on the other hand, that England has many means af economizing the use of coin which, in consequence of her immense extent of area, will be denied to India, if not forever, for many years to come. If, then, it be admitted that there is even a shadow of trath in these estimates, it may not be unreasonable to conclude that there is a possibility — distant it may be, yet still a possibility — of the requirements of India for cur- rency purposes approaching the enormous sum of £500,000,000 in silver coin. It 18 not any fall iu the value of silver which has brought about the drain of this metal to the East, but simply the nature of the Indian and Chinese demand for cub manufactckes, which is very small compared with ours for their productions, but which is immense for silver, which represents TO THEM EVERYTHING DESIRABLE IN THEIR CONCEP- •I TION OF LUXURY, COMFORT, AND SECURITY It seems the most unaccountable fatality that leads the English public to support, or even to tolerate, the combined Free Import specie- paying system which has been the cause of such terrible distress after the plainest evidence on this point has been adduced. It was shown by the evidence before the currency Committee of the Governor of the Bank of England, the precarious position of the Bank of England, on 12th November, 1857 ; that she had on that day only £580,751 of money in hand, of which she could legally make use, while she held deposits of i:22, 500,000; that of the deposits £5,500,000 belonged to London Bankers ; that if only one million pounds of this sum had been de- manded, the Bank of England must have stopped. And a Mr. Smith, partner of Beckett & Co., the great Bankers, Leeds, stated, before same Committee of the House of Commons, " that only one mercantile house failed in Leeds at the time of the panic ; and yet" he adds, "j/ the treasury letter had not been issued on 12th November, the entire commer- cial body of that district must have gone to the wall." But we cannot, however, shut our eyes to the fact that the hard money virus still remains, making Free Imports impossible, even in England, without the necessaiy accompaniment, periodi- cally, of intense financial disorder. The too little popular opposition to it, is at present tlie worse feature in English politics. It is surely unaccountable that no remonstrances are made against the individual ruin and public calamity which flow from these ever-recurring financial * It has been eslimaled by various autliorities at sevcmy. seveuty-flvc. and even ninety millions, and tin '. of France at one hundred and forty inilliona sterling. + Mr. Wilson estimated the quantity of eoin in cireulation in India, in 1860. at 10O.O0O.0OO/. : and though this estimate was based upon very uncertain data— viz.. the aggregate of the amouni* coined in the preceding twenty five years— it may not be far wrong. 15 revolutions. Surely the cause might be made transparent. And indeed perhaps the best explanation that can be given of the enigma, is that there is periodically the show of an investigation ; and you cannot get a better idea of the sort of investigations that are made than by my saying that they are condiutcd upon the same principle as Jlr. Gait's Committee on the rate of Interest will be — money lenders are called as witnesses, and asked if they are of opinion that the rate of interest is too high ! or, if on the contrary they do not think the Pro- vince would not prosper much more if the rate were much higher ! ! But there nvc some indicatioDS of tbe workings in the Busmeas Mind at home, from which fruit, if not immediaiely, may be expected. People are begiiiiiing to see (what I have for a long time pointed out) that the British niuney laws are wrong iaprinciple rather than in detail— that in awordtliu evil, which is unbearable, arises from Peel's Money Bill (which says what is to be the legal tender) of 1819, the perpetually dan- gerous tendency of which to create financial panics called for Peel's Currency Bills (whose great mission was to secure the Bank Notes in the hands of the public) of 1844 and 1846. And secondly, the cruel experience of the increasing price of Interest is at length' having the natural cflect of leading the people of England to doubt whether the prosperity, which has been attributed to the introduction of Free Trade, is not (as I have always considered) attributable altogether to another cause, viz., the discoveries of Gold in California and Australia, which providentially occurred simultaneously with the late Sir Robert Peel's Free Trade Legislation, or, at all events, before England had more than two year's experience (thedreadful yearsof 1847and 1848) of the ruinous consequences which must naturally flow from any country with a specie- paying legal tender, establishing a system of Free Imports without reciprocity. And in pursuing their enquiry, they see that from an annual production of the commodity, gold, (the basis of the cun-ency, and representing many hundred or thousand times its own amount in Bank Notes and general credit) of six millions sterling, the world's production of it has been gradually raised to five or six times that amount per annum, a process by which the demand for English labor was gradually increased for exportation, and gold became less wanted for that purpose in proportion to the quantity of it in England. They see that a general prosperity has been the consequence which soon increased also the home demand for English labor. For many long years the contrary had been the case — a cruel effect of British Legislation, which the Times newspaper did not shrink from admitting, in its noble stand in favor of the ten hours Bill, against the Political Economists or Free Trade party. " For a whole generation (said the Times) man has been a drug in this country. It has scarcely entered into the heads of Economists, that they would ever have to deal with a deficiency of labour. The inexhaus- tible Irish supply has kept down the price of English labour, whether in the field, the factory, the army, or the navy ; whethe. at the sickle, the spade, the hod, or the desk. We believe that, for fifty years at least labour, taking its quality into account, has been cheaper in this country than in any part of Europe ; and this cheapness of labour has contributed vastly to the improvement and powers of the country — to the success of all mercantile pursuits and to the enjoyment of those who have money to spend. This same cheapness has placed the labouring classes most effec- tually under the hand of money and the heel of power." (See Times of 5th July, 1851.) 16 It teitainly seuma mncli moio iiatiuul to 8uppo.sc that an iucreubcd quaitity of money has iacreaK«;d the demand lor, and therefore the price of. human hvbour in England (this being the prospority in question), than that the increased amount of Foreign manufacturing labour intro- duced into England in the shape of untaxed goods to compete with England's highly taxed artizans, should have had the bcnelicent results alluded to ! And it may surely bo reasonably questioned whether the result of the great increase of gold would not have been far more bene- ficent, if England had not made herself a slaughter-house for all the Kweeiiings or refuse of all the markets iu tlie world ; while it may also be fairly argued that the rates of interest must have gone much higher btit for the arrival of so much gold. And it would be in violation of the law of supply and tiemand, which may be called the solitary principle of political economy, (although of course even this is shamelessly violated by the political economists in their preventing, by their legislation, the commodity gold, from altering in price when it alters in .iuantity,and as a consequence in ua/Me)to charge against the increased quantity of money that the price of money has latterly risen so much in England. This serious feature can only be accounted for by the factof over importations of Foreign goods, or stocks, and by England's requiring in consequence of her Hard Money 'system to pay for these in Gold as a money instead of in Gold as a incrchantable commodity — by which latter arrangement she woold be saved the financial convulsions occasioned by the periodical withdrawal from England of what her law has made her legal tender — a cruel result which, under a hard money system, must perpotiially occur whenever industrial prosperity is enjoyed from any length of time, and prices of British labor have so risen that its products are a less profitable export than Gold at its raw material price. One would scarcely believe that it would take the public so long to open their eyes to this damning fact that the least degree or perception of prosperity in England is under her Hard Money system necessarily the immediate cause of the deepest distress to her industry, the only means of reducing prices and wages, fend thus bringing back the gold, her leqal one thing needpll. The great truth is, however, slowly gettiug access to the public mind at home, that it is only by the instrumentality of Paper Money that Britain can ever enjoy the reality of bona fide Free Trade, meaning thereby that the foreigner will take some British commodity (or ut least Gold at a British market price) in payment of the foreign commodity. In fact British Industry (soskilLd isBritain's labour) might now prosper without more protection than could be got, through emblematic money. For the comparatively infant manufactures of British America, however, protection through the Customs will be required besides the protection which Paper Money would give, although we could do with less Custom duties if we had Paper Money. The advontage to British American industry, in one way or another, of which Paper Money would be the instrument to us would be greater than could be attained by any Customs Duties, although the nominal proteciion by the latter might bd as great as that portion of the advantage to Homo Industry which would be measured by the slight rise against the foreign manufacturer of the foreign Exchanges under a system of Paper Money restricted to the amount of the metal legal tender held by the Issuer. And it is becoming a popular view that the way to relievo England from her hord money cursk is by the Imperial Legislature making the Bank of England's Notes a legal tender to the extent of the eleven millions of pounds which the Government owes the Bank, and ,to the 17 farther extent of fourteen millions, the amount below ulnch the Bank':» stock of specie should never fall. This arrangement, ne the only way of doing justice to labour, by putting it on n par with money, is the only way to set at defiance nil Gritain's enemies, external as well as internal, the only calculation of the former being on the deleterious existence of the latter — the Political Economists, Free Traders or hard money men- -a generation hated, aa known never to have had anj* unselfish sympathy ot any time with the sufTtring maeses. As a detail, when writing upon the Bubject, in England, I used to urge that the Bank of England's capital should be doubled «. c, — raised to twenty-eight millions, — the public holding one-half (seeing tlint after all, it is the security of the Government on which the Bank exists) and selling consols to furnish the required additional capital of fourteen raillionB. In this w»j- the public would be saved a large sum in tho management of the country's Finance, though to preserve »he Bank from politics, tho whole management should remain, asno^ with the private stockholders, while its discounts should probably be restricted to the Qovernment and Banks chartered for Uie purpose, or Institutions acting under a public Bank Act, specifying the nature of the securities to bo cashed. " In season and out of season,'' I have done what I could to lead the public mind to this question of money— which I have ever regarded as the most vital of all secular subjects — making up what I lacked in talent by my ardency in the cause I have at heart ; and some j'ears ago I took a new plan, and one that has greatly saved my time and breath. I got two engravings made, illustrating my view of our present National Utithrift, and of what I believe the true Homely Industrial Principles of certain accumulation for the mother country and ourselves. These engravings I shall append to this letter. "The first illustration shows the cup of Britain's prosperity to be a Tantalus cur, and the same thing was equally true of the United States up to their adoption of paper money, except so far as modified by their more patriotic Tariffs. Put into it, what you will, our prosperity cannot possibly rise above a certain point, at which it escapes by a waste-pipe. The moment that prosperity raises the price of British labour over the low-fixed priceof gold,(about £4 the ounce) away goes thegold, (the cause or Tms PROSPBRiTY,) as being the cheapest article in the export market : and even when not distressed by an export of gold, on account of the higher prices of goods, Britain encounters the still greater evil of having her internal and colonial prosperity interfered with by continual drains: by Foreign loans, and by India (India having always been the grave or British 'Treasure), for which there is neither immediate nor eventual re- turn to the country. It is obvious that to the extent that Gold goes abroad in payment of goods, the demand for the Country's labor, and CONSEQUENTLY THE PRICE THEREOF, is lesscucd ; but if it lis an injurious thing for the Co'mtry's labor, that Gold should go abroad in payment of soMKTHixa which ih, or may be, a comparative advantage to the niass of the people, bow mui;h worse that it should be given away for NoiHixr,, which in ar.y way benefits British Industry ? But — aF is shown in the second illustration — there should be no waste- piPE in the cup of Britain's prosperity, and India and Foreign countries should not have it open to them to introduce their syphons into our nation'",! cup, but only into the depositories op its overflow. To leave it open to them to do as at present, is to leave it open to Foreignproducers to prey upon the nation's vitals. It is to take our children's bread and to cast it to the dogs. Our gold should be retained as money, or as u basis or security of money, for the purpose of our own people generally, till it completely fills and 18 overfloivK our uwn uational cup, and then, and not till then, should it become available a^an exportable commodity, for money is a thing CREATED FOR THE INTERNAIi TRADE ALONE, and Bhould Only bc 80 USed. This can only be done by the use by us of an emblamatic or paper money, which will be of no use boyond our own country ; and the boon of paper money to the masses, to business, and to Banks, ought to be thus attained, and the independance of the country's prosper- ity ought to be thus attained, even although by our new system no DIRECT gain is MEANTIME MADE BY Mr.. GaLT ; t. C, although PAPER MONEY IS NOT MADE A LEOAL TENEK TO A GREATER EXTENT THAN THE MERE AMOUNT OF THE GOLD IN THE VAULTS OK THE ISSUER — THE BANKS OR GOVERNMENT — specially held tor the security of such paper money, and to prevent DEPRECIATION BY MAKING UNEQUIVOCAL THE RESTRICTED NATURE OF THE PAPER MONEY WHICH OUR LAW MAKES LEGAL TENDER. MY OBJECT IN THIS BROCnURE. 1 have now very much the same fear, of the exercise (though it could be only temporary) of a Parliament under niiddle-meu influences ovei' the omnipotence of patriotic principle, as I experienced when I wrote as follows : in England at the Free Trade Era, when the constitueuceies were outraged by Peel, and the contrary legislation enacted from what had been the voice of the Hustings. * •' My own effort in politics now brought to a termination quite satisfactory tome, has always been an humble one, or one at all events very simple, definite, and quite free fi-ora all personoi or party objects or ambition. I have, in a word, had it as my object to assist in removing a popular delusion, which one would think a single look at protectionist America might dispel, viz. ; the very general notion that a person who advocates protection to native industry must necessarily be a church tory, the enemy of an enlarged political franchise, or the advocate of monopoly in some other shape. I saw thij to be a great object in our circumstances. In 1846 I Baw that Sir Robert Peel's assertion of the omnipotence of Parliament, ever the omnipotence of principle must lead to the responsibility of our legislation being trans- ferred to the entire people, because omnipotence may become tyranny, which, if exercised at all, should be the act of principals. My words were, 'Peel's assertion of the omnipotence of Parliament, in the room of the omnipotence of principle, moral and constitution, must — if we would prevent unfortunate legislation becoming a cause of revolution — precipitate an extended suffrage ; democratic legislation, however, as being synonymous with shielding the labor and fixed property of the ♦ Being in London .n 1846, when Peel's violation of the constituencies was consummated, the following were my impressions as I wrote them on the moment, as they still are my leelings on this painfnl subject : peel's OPTRAGE on the CONSTITUENCIES.— his FREE TRADE 19 A MERE DESPOTISM OP CAPITAL, WHICH DECREES FREE PURCHASES BY US OP FOREIGN LABOUR, BUT NOT FREE PURCHASES BY FOREIGNERS OF BRITISH LABOUR. " The preniier has left us in a condition worse than political chaos, as having robbed us of our principles. Even the principle that self-preservation is the first law of nature has been repudiated : and British pollitics have been reduced into the two original elements of al' national politics-the labour-power and the money-power. The labour-power mnflt come to be represented by social economists, or practical men, or patriots, the character of whose legislation will be, that It takes the circum- stances of our own society into account ; the money-power being represented by political economists or cosmopolitan theorists, who wonld have this country legislate forthe world, while they view political science as a system of pure mathematics, or • at b6«t, one for the creation of wealth, without any regard to its distribution.— Indeed, to my mind, it never appeared that the permanently important question was whether it was a right or wrong thing, per se, that Peel did in 1846. His impolicy, however great, appears to me to stand, in relation to his repu liation of moral and '■ constitulional principle, just as a misfortune does to a crime. * * * - 19 country from the ioreign trade alien money -power, is the best or only permanent security for monarchy in tlie executive, in these days of revo- lution.' Such i\ change in the conntitution of parliament must, I s; w clearly, be the necessary result of the money-power in Parliament having degradec. the question of labor, or the employment of our own people, from be'.og a constitutional question (and the greatest of all those constitutional questions on which members of Parliament are only delegates) to being a mere fiscal question f I saw that there was no longer Kr,y guarantee to ihis country for the perraanoncy to ils best secured and most valued institutions (nor even of the crown itseU), although no voice may have been lifted ^ the hustings again:i,t any of these; and I knew that the expost facto asnent of the constituencies did not make the the proceeding right, bu^ only included //teffl in its guilt, The permanently important point was not whether the new policy of 1846 was right or wrong, but the result ot this policy had nn immediate importance ; for great danger to the public peace must flow from any reduction of employment in this country, especially when the unfortunate legislation was not the act of the whole peorile, nor even of the existing parliamentary constitutencies. The difficulty of our national position was and is the greater, from the public mind in this country having been so drugged by COBDEN AND THE FOREIGN INTEREST, who hav. deluded the people by calling themselves free traders, while their 8y9t»»'i is one only of free imports. What then were the working classes to do as a first step! I answered — Lei them refuse their confidence to every man who refuses his confidence to them, let them refuse to listen to the details of any man who is not their political friend in the sense of going with them for their political enfranchisement — in a word, for the prin- ciple of EXTENDED Suflfrage ; which I firmly believe (in tlie absence of government by party, or, in other words, by constitutional principle) to be — in the true or patriotic, and not the party sense of Conservative — the most conservative measure that can be proposed this day in Great Britain, Ireland, and the Colonies, as sure to lead to our foreign trade being made reciprocal instead of one-sided ; the foreigner who is admitted to provide food for a portion of our people being driven to provide them with employment by taking British goods in return ; while a just protection to highly taxed British agriculture would be had in the fact, that in the price of the British goods taken by the foreigner, is included our heavy national taxation. I had always seen that the only means of attainingr this great end was a COMPLETE ALTERATION OF THE CURRENCY. Our monetary system must be set free from its present dishonest and absurd basis, the foreign exchanges, and our prices made to represent a high British, not a low foreign or untaxed, standard of value. Thus and thus alone, I still firmly believe, can the property of this country meet the interest of the national debt, and thus alone can we protect British industry, vindicating the rights of fixed property and labour against that usurpation of the money power which has existed since 1819, and rescuing this country from the social confusion which must be the ulti- mate effect of the jarring principles of Peel's legislation of 1819 and 1846." The same feeling of their importance which long ago led me to pro- pound these views, now leads me to rcmiud you of them at this crisis in the history of these Provinces. Ac this moment I feel, too, that the loss from what I call the patriotic ranks, of such a man as my friend, Mr. Qalt, rtinders it more necessary for the advocates of the homely, as opposed'to Uie cosmopolitan, or what Mr. Gait calls the European, principle, to stand " shoulder to shoulder and back to back " in defence r>0 of their country's industry. Ve would uot, if we could, prtU^nd that our cause has not, in Mr. Gait, lost one of its strongest men ; for, with the exception of the two Attoruey-dcnerals, there is no man of whom so many [mh^, as well a« present, meraberH of the Canadian Parliament would have hecn au)siouH to Kuy in honest admiration of his ability — as Quintillian said of the great orator and i)hilosoi)hcr of Home — " Ille Se profcrme sciut, cui Cicero valde placebil." The PiTTrrBs were a large political party who saw their duty, in deferring their partic'ilar views to support a man whose idea of the patriotism called for at the moment and thcir's was identical. Alas that we cannot any longer, in this sense, be Oaltites ! If his so-called European plan would give more employment and better wages to our own people, wo would thankfully yield it, the reality as well as name oi American; but our conscientious conviction is the very reverse of the results of a combined Free Imiwrt and Hard Money system. The Province might bear up against the evils of one of these industrial curses, but to stand up against both would a hopeless attempt. I am therefore at my old work of "ca//mg: a spade a apade." I feel that the higher my estimate of Mr. Gait's talent, the more danger there is for our Industry and therefore for our Country, seeing that I believe thoroughly in the motto at the head of this letter. " Homely industrial principles under which in its, particular circumstan- fe>f, British America will have nothing to envy in the industrial prospe- rity of the adjoining Republic^ are those under which it alone can be contented, or, in other wordg, long remain a part of the British Empire." But in any <,'ase, there is no danger in regard to the eventual result ; the only fear being that much present misery from want of confidence, if not from want of actual employment among our people, may be superinduced, and as a consequence, the loss of much Immigration, which is far more valuable to us than foreign markets. Of what value to their farmers these foreign markets are, from which they draw their manufactures, is now known to the Americans. Instead of the bound- less drain of breadstuffs which were to go to Europe after the repeal of the English corn law, only $10,789,000 per annum, during the three years preceding the war, went to England, France, and Belgium. Total Export. Totals, 1858, 1859, I860.. . ;95,46?,989 Annual average 31,320,000 To Great Britain, France, and fielgiuin. $32,367,000 10,789,000 So that all the breadstuil's, with pork, lumber, and wool added, which are annually taken by the countries furnishing the United States with manufactures, do not amount to more than a hundred thousand immigrants would eat, which is less than half the number that arrive each year in the United States. What a commentary this on the comparative value of Foreign and Home Trade ! 1 may, when on this subject, mention that this Foreign Trade, which, in England, seems to be alone thought ot (as seems the case also with Mr. Gait) is only 10 per cent. (5 per cent, imports, and something less Exports) of the transactions, using Bank notes for their transfer from man to man. I would also remark that it is only the absurd necessity of specie-paymentH (not wanted by tho i)u per cent, of the Trade) that gives it any importance. Wu saw tiie other liay the American Commercial Marine disapiu'ar from the sea, yet there vim no revolution in consociuonce. I remember also at the Fn-e trade era show- ing from Mr. M( Queen's great statistit al work that the money-value of all tliu maniifa) tureH exported from Ureat Britain is not so great as the money-value of the manure put each year upon the land ! POPULAR LEGISLATION ALWAYS PATRIOTIC OR PROTEC- TIONIST LEGISLATION. And remembering the attention whi< h British industry, both on sea and land, received in the time of Cromwell, and how well the glory of the country was at that time sustained, J shall alway have the most unswerving contidence that democratic legislation [and nothing can be much more democratic than our legislature] will in the long run bo protective legislation. Indeed I believe that John Bright will find to his cost that the new members which the Reform Bill, (when it comes,) will introduce into Parliament, will be the most protective ones, or as I call it, the most patriotic members. And it is from them and the en- couragement that they will give to the weak knees now in the British Parliament (who are afraid to call a spade a spade) that I look for a final an^ not very distant conlirmation of my view that an American • ZoLvKREiN is the true interest of the working classes at home. They want an additional direct bid for themselves, not for their labor inthethape ' of cloth and the removal of a fourth or a third of the weaving popula- tion of Manchester, Leeds, and Glasgow, to utilize the endless water powers of British America, would not only be an unspeakable benetit to those who come, but would haul up to the American level those that reuain, however little this might suit the employers of labor. Id Mr. Senior's " Mercantile Theory of Wealth" we have the following evidence of the Political Economists, being aware that protection to native industry is popular, and would be the rule under an extended euf- ' frage: — "If the unhappy prejudices that now exist on thissnbject should ' continue, and if the extension of representative government should increase the power of public opinion over the policy uf nations, I fear that com- merce may not long be enabled to retain even that degree of freedom - that she now enjoys. — I have perfect reliance on the knowledge and good intentions of our present Ministers — but very little on the know- ledge possessed by lhe,couDtry at large. * * * • And the Rev. Dr. Chalmers says in his " Political Economy, in Cim- ■ nection with the Moral State and Moral Prospects of Society," " A liberal politics, forms no guarantee, but, we doubt, the opposite) for a liberal political economy. This is a subject on which the popular AND pBiLosopBio MINDS ABE NOT AT ALL IN HARMONY : and the Very ad- mission into Parliament of eo large an influence from the will of the humbler classes may, after all, endanger the cause of sound legislation on every topic where the seeming and substantial interests of the country are at variance," Innumerable other evidence could be adduced to ehow that the Polit- -' ical Economists know that they have not tho hearts of the working classes of the Mother Country ; but I have only room for the follow- ing from the pen of Ebeuezer Elliott, the Corn Rhymer, dated l«lh ■ • October, 1849:— V It is remarkable that Free Trade has been carried by the middle Classes, not only witV.out tho assistance of the Working Classes, but ia ' ' spite of their opposition." . " .". 22 In these last words w^have a key to the whole secret of the origin of these Hubveraive or revolm'onary propositions. Tub pauties most INTBRBSTRD WKBE NKVER CONSULTED, but (which is tho bcst proof that there did not then in England, an J does not now here exist, that pros- perity, the fruit of which Ik true independence of individual action,) the circumstanceH of tho parties outraged were so artificial that they dared not kick. Self preserviitlon mode it their apparently safest, if not only course to give that a fair trial, to the propounding* of which they never would have agreed. This case, therefore, has not tho guilt of being a new crime. Mr. Oalt follows Gladstone, and Gladstone followed Peel who always was far above taking odvicc, and always sneeringly talked of those who olfercd it, as " Provincial Chancellors of the Exchequer." In no Government of Canada that has ever yet been formed, if not iu the present Provisional one, was there more than one or two Minis- ters who would have taken the responsibility of allowing a European System to be propounded, yet Mr. Gait has now done it, and what is more Mr. Brown and Mr. Holton consider his l<'ree Trade principles quite souml, and only wiiih they could have been before him in api)ro- priating the credit— three admirable guardians of our Provincial In- dustry truly 1 For this arbitrary course, however, of the Finance Minister there is no doubt plenty of precedent on the part of British Statesmen ; but the pity is that if whatever they have done is to be con sidered statesmanlike, the departure from every British principle, the outrage of the constituencies themselves, and the loss of the Colonies into the into the bargain, may be found to be the evidence of British statesman- ship — Alas, alas ! Don't we remember that Peel's colleague, the late Lord Aberdeen, held up his hands in dismay when in the Upper House he was told what Sir Robert was saying in the House of Commons — going the whole hog and letting protection go by the board I And can we forget that another colleague of Peel, Lord Warncliffe, the President of the Council, actually died from grief or wounded honor, on the same occasion, although his duty to his Sovereign shut his mouth and per- mitted no personal justification. This most excellent nobleman had been a devoted follower of Peel, but the principle they had in common had been tho very contrary of that which he was now, from Peel's arbitary precipitancy, forced to defend. Their principle had been, that protection, quite apart from its abstract right or wrong, had in practice (as was its original mission) been the sheet anchor of British industry as retricting importations, and thus preventing foreigners having a claim on the country for m}ld which it had not to give, and which indeed, to the extent it would be wanted, did not exist in the world. Lord Warncliffe had long seen that even though the currency was guarded by the exis- tence of the protective system. Peel's Hard Money Bill (of 1819), was working the most dreadful cruelty to tho country's industry, and he had previously had the moral courage to make his celebrated admission, " Peel's System must be destroyed by violence." How many of Mr. Golfs colleagues have similar feelings we cannot tell, but of this I am sure that such a precipitate if not arbitrary course will never be justified by the people in any part of America, even if it did not involve the degrading of the question of the employment of the PEOPLH into a mere fiscal question, or the completely putting it to one side for some paultry consideration of Government Revenue. . ■ vv v, 23 •■ Come ihf •levrnlh pUauf, r«llicr than thi» »hrtuld ho, ' Come tlnk us rathi-r In tlic wn. '* Comi^ raihor pfKtil*>nr«, and rcnp iiH down, " Come (Jod'n Rword rdihcr than our own. '' Let rather Koman come again, '• Or Saxon, Norman, or ilic Dane ; " In all the hond« wc ever hore, " Wc grieved, we Ki(;lienis(^lve8 whettier it was the intention of the country in establish- ing Bunks, ond in eslablishing a paper circulation, to make these the m<»re handmaids of the Foreign Trade, thus enabling the Finance Minister to secure more revenue ! There was a day in the Province when those Banks and that circulation did not exist. And was it then the inlention of thepeopltj, in applying for these to the Legislature, that the result should only be to increase Foreign Trade, or, more pro- perly, to increase the importation of Foreign labor, thus begoarvno the Provincs? So far from this being tho people's object, it was the result which, of all others, it was the interest of the Province to avoid. It is clear, however, that though they have been the best possible Institutions, and their paper ciiculation the most undoubtedly ca'e to the holder, the existence here of a Hard Money System has prevented their being even in the past, instruments to tho required extent of local or internal prosperity But with the aggravation of Mr.Galt's scheme their business would be still more nearly approximated to Foreign Exchange Broker.^. Was this then the purpose the Province had in chartering Banks of Issue, or is this now the inferest of the Province? The people generally no doubt had for their object in^veased circulation as a means of is- CBEASBD EMPLOYMKNT TO CANADIANS. They had been told that the more MONEY THERE WOULD BE, THE MORE DEMAND FOR CanADIAK LABOR, and (as a necessary consequence of more BiDuERs)a grpater price tor it. It was, however, concealed from them that this law of supply and demand had already in fact been violated in the admission ot the principle of the money law of Canada, (in existence before tho Bank-: were created), bo that, firstly, the Cana'lian Banks' notes could not be sately cdvauceti, except to parties who could sooner or later produce something convertible into Foreign Exchange — and secondly, the increased demand (that greatest object to the producer) is not allowed to shed its benign influence in raising the prices EVEN ON ooyMODiTiES FITTED FOR EXPORTATION ) for thp Foreigner and others having remittances to make abroad, always have it in their power to exchange his Bank notes for gold near obe price it will fetch abroad, and therefore will not of course take wheat or other Canadian export- able commodity at any hij^her price; and indeed from this price has to be deducted a margin to save him from the contingences of mar- kets, besides the freights and charj^es to the foreign maiket. This PaiCPETUAL inclination TO TUE BAREST RAW MATERIAL PRICES FOR OUR EXPORTS is, as I have fully explained in the foregoing page.", a vert SERIOUS CONSIDERATION FOR THE CANADIAN FARMER, and the more t>o as while this is the highest price he will get, there t.s no certaintv that HE WILL KVBN GET THIS PRICE FOR HIS PRODUCE, unless he himscif sends it to the foreign market, which very few have it in their power to do I have thus performed what was, with my convictions, my duty, in offering these words of warning ; aiid I desire to express my anxious hope that hereafter I may not be numbered amongst thoso who have spoken in vain, and that it may not be recorded in the history of British America, ns in that of Troy. NUNC ETIAM FATI8 APEUIT CASSANDRA FUTURIS ORA DEI JUSSU, NON UNQJAM CREDITA TEU0RI8. ■• ■-■• *! '1* "j 1- . '•. »^:l;-a [TUi U Mr. Oklt'i cholc*, I ara lorry to lar.l NATIONAL UN THRIFT; OH, THE CUP OF BRITISH PROSPIilllTY AS IT UNFORTUNATELY IS. " Actum est de Eepublica— " The Empire is in Danger.' NATIONAL ECONOMY; OR, THE CUP OF BRITISH PROSPERITY AS IT OUGHT TO BE! "Res SecundsB"— " The Empire out of Danger." .DEBTS DUEJ