maintain what now he is called upon to scatter and destroy. A glorious spectacle it would be,' continued the old gentleman, with increasing animation, 'to behold the son of George the third, entrenching himself in such a position! We know how firmly that beloved father of his people withstood the whole army of expediency-mongers, on a point far more debateable among Christians than is the present question. He went to the grave unblemished in the pure consistency of his kingly character; and when I consider the strongly expressed determination of his royal son, to maintain that Church over which the Lord has appointed him as a nursing father, I feel that an obstruction may yet be thrown across the path of our advancing enemies, such as they shall not be able to overleap; because it is that which the Lord hath ordained and blessed. At all events, we may make this a subject of prayer, and of loyal petitions. If the king's heart be so disposed, the host who will rally around him, in support of his royal and sacred prerogatives, will be such as to fill his heart with confidence, and to strengthen his hands in the good work. It is a crisis of extreme peril to all that we hold precious on earth: let it invite us to redoubled exertion and reiterated prayer. I look around me, and despond; for I hear on every side the blasphemy of the multitude, and note among those of the political ascendant a resolution to break the bands of Christian obligation, and to cast the yoke from them. I look up, and revive; for amidst all, and over all, "The Lord God omnipotent reigneth" and however few, however weak be we who fear his name, still "the Lord of Hosts is with us: the God of Jacob is our refuge !"'

POLITICAL ECONOMY.

'HAVE you any further communications on the subject of our discussions, niece?'

'None whatever, my dear uncle, so let us, if you please, proceed with the subject before us.'

My uncle seated himself and remarked, 'I think profits will naturally follow rent: we have determined, you know, that rent in its primary sense, signifies the difference which God has made in the productive powers of the soil.'

'Yes, uncle; but surely in a highly civilized state, there must be great modifications of your rule: else, why does my neighbour pay eight pounds for an acre of land, just by his dwelling, which is not of a very superior quality?'

'He pays for its locality: this makes it more convenient to him to give that sum, than it would be to pay only a third of it for land of a similar quality three miles off; in cultivating which he must send his horse backwards and forwards, and perhaps employ an additional servant. The general principle is what I want to direct your attention to; and to show you that this is not affected by the question of locality, I need only remark, that the hay and corn grown on your neighbour's expensive acre, sells in the market at precisely the same price as hay or corn produced by land, which he might have at a much lower rent. An individual may give high rent, for his own convenience; but the public will not repay him.'

'Then it would follow uncle, that rents do not affect the price of corn or hay?'

‘Undoubtedly. A farmer always sells his produce at the highest price that he can get for it in the market; he would continue to do so, if he paid no rent; still obtaining the most that he could. Were rents altogether abolished, the surplus produce, or difference between soils, would go into the farmer's own pocket, instead of the landlord's.'

And then, uncle, for the profits of the farmers themselves, who do not receive but pay this rent, how do they arise?'

In the first place, my dear, we must draw a distinction between individual and national profits. The nation profits when the quantity of accumulated labour in the country is increased. For example, if the farmer and his labourers consume a value equal to 100 quarters of corn, and produce 150 quarters, the nation clearly gains 50 quarters. Or, if a workman consumes a value equal to thirty days' labour, and produces a table, or any other article, equal to forty days' labour, the nation, in like manner, gains ten days' labour. The nation acquires profit, or, in other words, accumulates labour, whenever the produce of the workman exceeds the labour that he consumes. Whether the individual makes a profit, is not quite so certain.'

Explain that, if you please, uncle.'

• Why, in the first case, the farmer may not, by the sale of his 150 quarters of corn, replace the same value which the 100 quarters originally cost him : and, in the other, the forty days' labour bestowed on the table, may not replace the thirty.'

'I don't exactly understand this.'

'You must consider, my child, that the price of the corn, and that of the table, depend on the state of the markets: in other words, the supply of the article is compared with the demand for it. When I employ a value equal to 100 quarters of corn, to produce 150 quarters, I expect that there will be a demand for the 150 quarters; that is to say, that there will be people who require them. In like manner, when I make a table. It may happen that I am correct: I shall then get a good price-that is to say, I may receive a larger portion of the labour of others, in return for my own labour. I may, for example, sell my table at the price of sixty days' labour, and then I make a profit of twenty days' labour, at the expense of the party who buys it. On the other hand, I may be mistaken in my calculations, and, instead of selling my table for sixty days' labour, tables may be so plentiful as to compel me to keep mine on my hands, unless I am content to sell it for twenty days' labour; thus losing twenty days' labour, while the party who buys it has a portion of my labour, without giving me any equivalent.'

Then, uncle, there must generally exist a great uncertainty as to the return which a man's outlay of time and money may bring him, whether profit or loss.'

Yes, there are many fluctuations; and individuals are constantly on the watch, to observe what articles are scarce. They employ their labour to produce such articles and by so doing, they acquire a large portion of the labour of others in exchange, or, in common language, high profits. These profits, however, are merely the transfer of accumulated labour from one person to another. A. and B. may exchange

possessions, with a manifest advantage to either of the two, and a corresponding loss to the other; and it does not necessarily follow, that the total quantity of accumulated labour in the nation is affected by it.'

I suppose not, uncle: because whether you sell your table for twenty or for sixty days' labour, the profit to the nation is the same; if, as I presume, that profit consists in the difference between the number of days' labour consumed during its manufacture, and the number of days' labour which the table itself contains.'

'You are quite right: a wonderfully apt learner to be sure! It then follows, that a nation is often accumulating labour very rapidly, when the profits of individuals are discouragingly low. And, on the contrary, a rapid consumption of a nation's wealth may co-exist with large individual profits.'

'Indeed, uncle, I well remember that, during the war, we heard a great deal of large fortunes accruing from high profits; whereas, in these times of profound peace, nothing is talked of but the low rate of profits, and the spreading, the overwhelming distress resulting from it.'

'You are right again, my dear niece; and I trust that, when we have got on a little further in our general principles, we shall be able to account for this state of things, without falling into the mistake of many sensible people, who, for want of something better to refer them to, make a point of tracing up all our troubles and discomfitures to that tremendous bugbear of patriotic Englishmen-the NATIONAL DEBT.'