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    Mr thafr ttey h * W foreseen everything aft the rfefr ofberne taken * for accompiiceB before the &cfc m all % isonxngs and murders , no one cared to acl ± towledg * t <> what extent Jus moraf complicity had been carried . It was genterafly felt that he who lad foreseen might Save assisted to prevent , and among diplomatists and statesmen there was a very general and very beautiful display of the best feelings of human nature . Who could have supposed that any man was so wicked

    as to break his oath and murder his fellow citizens in order to obtain supreme power ? The first moments of indignation and astonishment being passed , these virtuous persons found : ample reasons for accepting established facts ; and , with rare and honourable exceptions , seeing the new sort of despotism established , began to flatter it . Trance had been saved from anarchy ; the 3 ? rench were unfit for freedom : a strong government at

    Paris" would add to th& securities of European peace ; and if ILouis Napoleon ' s means of obtaining power were somewhat equivocal , let bygones "be bygones . But the coup d ' etat is not a bygone . If It had been a bygone , the condition of France would 1 not have encouraged every military adventurer throughout Europe to expect the sanction of England to any act of successful treachery . If it had been a bygone , the Queen of Spain , and the desperadoes surrounding her , would not have dared to mimic the treason of IjOttis N " ajpoi , eo : n- and St .

    Abts&xtd . What has been the history of the plot prepared by O'Donotblx and his accomplices against the constitutional laws of Spain ? They are the inferior men , we are told , who usually succeed in civil conflicts . They were resisted by virtue , and not by audacity . ! Rumour 3 of their conspiracy floated from Madrid to the provinces , but were treated with contempt by public leaders of

    unblemished reputation ; The scheme was concocted' in the dark . O'IDonnei-i . and his associates forced on a crisis . The capital was surrounded by troops . At the first opportunity the troops fired Upon the people . There was a battle in the streets ; the Constitutionalists were surprised and overpowered . That is the sketch presented by a journalist who writes in the interest of order .

    In what does it differ from the history of France ^ under the presidentship of Louis Napoeeoet ? Only in two particulars . First , we hav # not yet heard of any indiscriminate massacre in Madrid , such as that which was perpetrated in cold blood in the streets of JPanav Then , the resistance of the Spanish nation appears to be vigorous , and there is a ebance that the military conspirators may be overwhelmed and punished . France is told to be content . " If the new

    revolution of Madrid ! be framed in imitation of liOxnsi Nj »» Ox . kob [ ' b conduct , " -why should he interfere ? Such is the suggestion of journalists who dread a Peninsular War . But to suppose that the French Emperor would not interfere to prevent a liberal reaction , is to ignore the truth , that the coup d'Jtat in Spain was instigated from Paris , that the old

    Queen Ohhisodiita lias- been in perpetual communication , for several months past , with the ) Court of the Tuileries , that it is the poliey , of the Frencb Empire to suppress tlw > tanatoitutional liberties of the Continent , and thafr England , under Iiord Pai / mebston ' s Government , has been , dragged byJLouis JSTa-Boctaow wheeoverrifc ho& > been hia will to go .

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    COKN , CASH , AJSJD CREDIT . Tfla » actual circumstances of Europe and America tell us that within the next commercial-year there will be an immense amount of trading , and of honest profit thus accruing ;

    aouf thafc there will bo also tfn immense amount of false trading quite as fraudulent as the schemes of Joseph "Windi / h CoiiS , JohS" Sajm&eib , or Josra" IDeast Patjii , though presenting a more dommereial mask . Thus many persons * will make large fortunes ^ many wul- lose fortunes , and- some who stand between will find their honest earnings taken out of their hands by business speculators . " We could foretel this without the aid of Zadkieii . Indeed it is told already in some of the great facts before us .

    Sir John FrrzaERAi / D endeavoured the other night to procure the assistance of our Ministers in getting a fulfilment of Spanish obligations towards English creditors . In 1851 the Five per Cent , stock of Spain was converted into a One per Cent , stock , the interest to increase in the course of three years to a Three per Cent , stock . Spain is continually making these exchanges , converting her stock , capitalizing her interest . Having gotEnglishmoneytotaeamount of 8 , 000 , 0007 .,

    she finds a difficulty in repaying . We easily see the reason why . She is at the mercy of a Court which thinks only of the revenue for pleasure ' s sake ; of Ministers who are continually fighting each other ; of parties whiefr contend for supremacy ; of a Priesthood which prevents education : and so Spain produces no more than the mere force of nature pushes through the soil , or than the rudest mediaeval industry could make of the

    abundant raw material . The French were in the habit of hoarding away their cash . M . Pebbibe , one of the Sbcialist leaders of the St . Simonian sect , has shown them how to combine capitals with great profit . The Credit Mobilier has set going much profit , and much productive industry that would otherwise have been dormant . This is done in a great degree by credit . Credit becomes the great talisman for France . Credits Mobilier 3 are

    established in all directions ; Germany imitates , and great capital are got up to be employed so me where . But who can discriminate between the real commercial purposes of those undertakings , and the mere getting up of , joint-stock mockeries of commerce ? Under the impulse of this new worship of credit , with some stimulus of real industry , France has engaged in enormous expenditures , some at home , some in every part of the world—in many quarters of Europe ,

    Asia , Africa , and America . Prance has now for months been labouring under an incessant and insatiable craving for more money to meet those demands . At the present moment , as the Daily News discloses , France is buying up all our importations of gold . Contracts are now in course of fulfilment to furniah four millions . By an ingenious contrivance , this is not bought of the Bank , which cannot sell it under 31 37 s . 10 £ d ., but of those who would otherwise lodge it

    with the Bank , sometimes , at 32 . 17 s . 9 d . ; and the consequence is a steady subtraction from the golden basis of our monetary credit . There is , however , another reason not so clearly explained for this decline in the price of gold . It is of course not a decline in the value of gold as compared with commodities generally ; quite the reverse . California and Australia barely keep pace with the rapid

    expansion of tho demand in Europe . The true cause is , that there ia a still greater devouring of silver for- the European continent and for India ; and that therefore tho value of silver by which the price of gold is measured has increased in proportion to gold . Money , gold or silver , is rising in value through those demands in France , Germany ,, and other countriea affected by the Croait Mobilier mania : hence ,, partly tlua rise in the

    price of bread and meat with las j : of which , however , we have lately pointed out other eauses . Our opinion that the price of bread in particular is beyond all reason , i » confirmed by the latest accounts from America . Increased demands have gone over from France , and from Europe generally , yet such are the stores of wheat already existing that they are ample to meet the current demand at New York . " What is there behind ? The crops are in a magnificent state ' a private letter says : —

    "We are having a pleasant summer—no epidemics or prevalent sickness—and the whole country is covered with one of the most luxuriant crops of grass and grain ever produced , while Indian corn and potatoes look equally promising as tho grain . Money is plentiful , and the prospect of a continued peace -with John Bull and the ' rest of mankind , ' makes business men feel cheerful . " This ia the true test of commercial progress—the production of articles which the largest number of mankind desire . What is " credit ? " It is belief ; it is the commercial belief in the future increase of solid wealth from a particular series of transactions . Some of the Credits Mobiliers on the Continent

    will mobilize credit out of all existence ; the money turned will diminish at every turn , with nothing in the place of it . The credit which we gain from the United States is purchased by us with the goods which we send over to be worn and used up by living men ; those living men employing the limbs which we help to warm , the hands whick we furnish with tools , in growing for us good , wholesome , pleasant-tasting bread . If we do not want the bread , they have the more for

    themselves ; and that is wealth , in which man can never be too rich , bread , meat , food , pleasant clothing , and habitable houses . We should be all the richer , our commerce with America would be all the greater and all tlio safer , if we usod up more oi our wealth in the direct reproductive form . Mr . Mecei showed them how , the other day , at Tiptree . On some of the worst land in Essex , he has made one of the finest farms in the whole world . For every 21 . of manure extra he obtains 4 Z . worth oi corn . He expends money in irrigation , and gets four good

    feedings off hia Italian rye-grass in one yearfour and something more . " If all the farms in the kingdom were cultnrfPed after my method , " he said , " they would be able to supply food to the whole community without recourse being had to importation . " Tho merchant in manure may safely give Meciii credit to the extent of twice two pounds , and both will be tho riclier by tho transaction . The dealer in agricultural tools may safely give credit to Mr . Mjscur , for tho tools lodged with Meoiii will bring far more than their own worth , and both , will be the richer for the

    investment . Neither you nor wo who read and write , can at once alter the current of commerce by noting these facts . We must put \ ip with the drain upon our cash-box , brought upon U 3 by tho Bynthetic German imitations of French beginnings in the credit line . Wo must pay tho price that corn-dealers wantonly inflict upon us , while they last . Wo must bo

    content to soo beggarly Englishmen walking about beggarly land . But , as tho knowledge and understanding of facts expand , opinion forms ; genuine credit will extend , false credit will bo seen through , riches will bo dill used , and wo shall attain to that height of _ wisdom which consists in knowing our own interest . Some folks indeed tlunk we do so already !—with Spain , tho miller , M . TmitElitE « n < 1 ni 3 Gorman-silver counterfeit laughing at us !

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    THE FAJICE OP FItOME . Wno made Sir finiAM Williams Mem her for Caluo ? The Marquia of ! La . nS

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    j ^ - E T-I&JE li- B A B&lf K * . [ No . 3 & 1 * $ A ^ Ka > Air ,

• Citation
  • Leader (1850-1860), July 26, 1856, page 710, in the Nineteenth-Century Serials Edition (2008; 2018) ncse-os.kdl.kcl.ac.uk/periodicals/l/issues/vm2-ncseproduct2151/page/14/