war.

speculation. The country banks also began to issue 17. notes; so that the chief part of the money circulated in each neighbourhood consisted of these local notes; and as no limitation existed, large sums were often forced into circulation, by loans to rash speculators, which notes were presented for payment whenever circumstances induced the holders to claim the amount. This payment was to be made in Bank of England notes; so that the payment of large amounts being often unexpectedly pressed, the banks failed, when heavy losses were incurred by all classes. The stimulus thus given to commerce, however, enabled many to realize large properties, while the increase of prices pressed heavily on the fundholder and all persons of fixed and limited income. The price of the funds fell, in consequence of the state of affairs, and the large additional amount of stock created by the loans. The price of the public funds was now at about 50l. for every nominal 100%., paying a dividend of 31. per annum- —about half the value of the same nominal amount before the Pitt, thoughtlessly, if not worse, continued to borrow, principally by pledging the country to repay, at the rate of 100%., for whatever might be the market price of the funds; thus getting little more than half the amount of the sums the nation was liable to pay; a most wasteful proceeding. If he had borrowed on annuities for a term of years, he would not have engaged the nation to repay any of the principal sum he received, and would have had to pay but little more as the annual dividend; so that, with very little more of annual burden, the nation would now be nearly free from the heavy debt, which can only be liquidated by the repayment of nearly double the amount borrowed. But the common system of loans was more convenient at the moment, and more to the mind of money-jobbers; and thus the future welfare of the nation was almost wholly disregarded. The paper circulation enabled the loan system to be continued; and by these means, the supplies needful for the protracted warfare were found, while the nature of the paper money issued prevented that fatal excess which had ruined the French finances. It has been calculated that, at this time, coin to the value of about forty millions existed in England, but much of it was foolishly hoarded by the possessors-forgetful that such a proceeding only hastens

national troubles, and that, when such troubles arise, their hoards will soon be forced from them, notwithstanding every precaution. In reference to this change in the monetary system, Alison observes : "Such was the commencement of the paper system in Great Britain, which ultimately produced such astonishing effects; which enabled the empire to carry on, for so long a period, so costly a war, and to maintain for years armaments, greater than had been raised by the Roman people in the zenith of their power-which brought the struggle at length to a triumphant issue, and arrayed all the forces of eastern Europe, in English pay, against France, on the banks of the Rhine. To the same system must be ascribed ultimate effects, as disastrous as the immediate were beneficial and glorious: the continued and progressive rise of rents; the unceasing, and, to many, calamitous fall in the value of money; increased expenditure; the growth of sanguine ideas and extravagant habits in all classes of society; unbounded speculation, prodigious profits, and frequent disasters among the commercial rich; increased wages, general prosperity, and occasional depression among the labouring poor; a vacillation of property unparalleled in any age of the world; a creation of property in some, and destruction of it in others, which equalled, in its ultimate consequences, all but the disasters of a revolution."

Before the agitation caused by the stoppage of payment in specie had subsided, another cause for serious alarm arose a mutiny of the seamen. There had been much to complain of in naval affairs. The pay and pensions of the sailors had not been increased since the last century; there were many abuses respecting their provision and clothing, both as to quantity and quality, and by the deductions from the nominal amounts; while too many officers were improperly harsh, and even cruel in their discipline. A painful instance of the result of this was exemplified, in the case of the Hermione frigate, the commander of which was extremely severe, so as to drive his men into a state of insubordination. Some bad spirits in the crew raised a mutiny; they murdered him and the other officers, and carried the ship into a Spanish port. Their conduct was deservedly execrated, but it gave an awful warning; while the doers, being disregarded by the enemy, and many being executed when they

gained, in February, off Cape St. Vincent, near the entrance to the Mediterranean. Sir John Jervis, with fifteen sail of the line, defeated a Spanish fleet of twentyseven, and captured four. The British commander acted with spirit and ability; but the chief brunt of the battle fell upon Nelson, who behaved with much skill and energy, and showed romantic personal bravery. This victory was gained at a timely moment; the commander was made earl St. Vincent, but Nelson only a knight of the bath; though the victory was owing to his prompt and daring courage. In the July following, he commanded an attack on Teneriffe; but, owing to untoward circumstances, failed, and there he lost his right arm. There were many other actions and proceedings at sea, in which the English were almost always successful. The Spanish fleet was blockaded in Cadiz, by earl St. Vincent, who displayed much ability. A disposition to mutiny also appeared in this fleet, but it was repressed by his vigilance and strict discipline. One expedition, on the part of the French, was unaccountable. In February, four ships of war entered the Bristol Channel, and then proceeding to the Welsh coast, landed 1,400 men at Fishguard; they were soon met by an armed force, hastily collected, including some militia, when they surrendered without resistance. It appears to have been a desperate experiment, on the part of the French, partly induced by exaggerated reports of discontent in England.

It

The year closed by a memorable procession of the king, attended by the parliament and officers of state, to St. Paul's, to return thanks to Almighty God for the mercies and successes vouchsafed in the recent victories. was an animating sight, which contrasted favourably with the atheistical proceedings of the French in their public rejoicings. On this, as upon other occasions, George III. was influenced by a really devotional spirit, which deeply impressed the observers, and had a beneficial effect on all ranks of society.

REDEMPTION.

THE following passage, forming part of a sermon on Romans iii. 25, is one of the most remarkably and fully sustained specimens of imagery in our language :

"When our world fell from its first

estate, it became one vast prison. Its walls were adamant, and unscalable; its gate was brass, and impregnable. Within, the people sat in darkness, and in the shadow of death; without, inflexible Justice guarded the brazen gate, brandishing the flaming sword of the eternal law. Mercy, as she winged her flight of love through the worlds of the universe, paused to mark the prison aspect of our once paradisiac world. Her eye affected her heart. Her heart melted and bled, as the shriek of misery and the yell of despair rose upon the four winds of heaven. She could not pass by nor pass on. She descended before the gate, and requested admittance. Justice, waving the flaming sword in awful majesty, exclaimed, 'No one can enter here, and live!'-and the thunder of his voice outspoke the wailings within.

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Mercy expanded her wings to renew her flight amongst the unfallen worlds. She re-ascended into the mid-air, but could not proceed, because she could not forget the piercing cries from the prison. She therefore returned to her native throne in the heaven of heavens. It was 'a glorious high throne from everlasting,' and both unshaken and untarnished by the fallen fate of men and angels. But even there, she could not forget the scene which she had witnessed and wept over. She sat and weighed the claims of all the judicial perfections of Jehovah, and of all the principles of eternal law; but although they arose upon her view in all their vastness, she could not forget the prison. She re-descended with a more rapid and radiant flight, and approached the gate with an aspect of equal solicitude and determination; but again she was denied admission. She stood still-her emotion was visible. Justice ceased to brandish the sword-there was silence in heaven!

"Is there admission on no terms whatever?' she asked. 'Yes,' said Justice, but only on terms which no finite being can fulfil. I demand an atoning death for their eternal life-blood Divine for their eternal ransom.' 'And I,' said Mercy, at once, 'accept the terms.' It was asked, with amazement, 'On what security?' 'Here,' said Mercy, 'is my bond; and four thousand years from this time, demand its payment on Calvary— for, to redeem man, I will appear in the incarnate form of the Son of God, and be the Lamb slain for the sin of this world!'

"The bond was accepted without hesi

This pondering stands opposed, also, to the mere occasionally reading the Bible by fits and starts when curiosity is awakened, or a desire to settle some critical difficulty occurs. We must study the Scriptures steadily, systematically, and with time duly allotted for the duty. It must be one of the businesses of each day of our lives.

This pondering, again, stands opposed to a cold, reluctant, and formal study of the Scriptures from official calls of duty, and not from choice, pleasure, delight, joy. "As new-born babes," we are to "desire the sincere milk of the word, that we may grow thereby." We are not to treat the Bible with coldness, but let it dwell within us, and abide continually in our minds by love and meditation; it must be not less known or less familiar than those who are with us as "the men of our counsel,” and “our own familiar friends." The apostle does not the word of Christ be among you; let it be praised; let it be known; let it be read;" but, let it dwell in you. As the soul dwells in the body and vivifies it, so let the word of Christ be the soul of your religion; let it vivify, direct, govern all the actions of your life.*

say,

"Let

But the word of Christ is to dwell in us richly; this implies a regard to every part of its Divine contents, in its full and adequate meaning and import. The word richly here means copiously, abundantly, in a full and adequate manner; the memory being stored with its instructions, the tongue furnished, the judgment formed, the conduct directed and governed.

We say of a river, that it flows rich and full, in opposition to a shallow stream. We say of a student thoroughly versed in classical lore, that he is rich and ripe scholar. So of a philosopher, a physician, a statesman, a general; the experienced and mature minds of such persons we term rich and well-stored, in opposition to men without resources, and only partially masters of their profession.

In like manner, the word of Christ is not only to dwell in us, and be pondered over with calmness, assiduity, and delight, but to dwell in us richly and abundantly; that is, in all its parts, without omission, and with a thorough, experienced, and well-practised habit of judgment, without haste and crudeness, and partial affection. It must dwell in us richly in all its treasures, in all its promises, all its his

* Daillé in loc.

tory, all its devotions, all its prophecies, all its evangelical narratives, all its apostolical epistles, all its precepts, all its threatenings, all its discoveries of a future world, all its spirit and bearings.

"" senses

And this must be received by exercised to discern good and evil," with repeated meditation; a comparison of one part with another; the use of all the aids of sound and cautious criticism; a regard to the manner in which God is pleased to convey truth; diligence in the employment of all means of instruction—as ministers, commentators, devout writers, and divines, ancient and modern; consideration of difficulties again and again reflected on; the mind exercised and practised "in the word of righteousness;' first impressions and crude notions rejected; opinions sounded, examined, and resolved, before they are adopted. Thus the word of Christ will dwell in us richly.

But the apostle adds, in all wisdom ; which requires of us something more than pondering on Scripture, and in all its parts; it implies a just and careful use of it to its proper ends. For Satan can quote Scripture, if he be allowed to pervert it. Every heretic can cite the passages which appear to favour his

cause.

The Jewish and philosophizing teachers at Colosse, with their enticing words, would no doubt largely appeal to whatever the Scriptures said of angels and their ministrations, and of man and his weakness. Nor would they omit to urge the abstinences and privations of the Levitical law in favour of their own traditions.

Wisdom, therefore, is necessary to use the word of Christ to its proper ends, on proper occasions, with application to the persons for whom it was designed, and in the spirit of the sacred writers. Wisdom puts the different parts of truth in Scripture together, proceeds with calmness and deliberation in deducing consequences, considers all circumstances, and adopts, as we have more than once observed, the best means for attaining the highest ends proposed by them.-Bishop of Calcutta.

A GREAT CONTRAST.

WHEN devils had cast off God's yoke, and practically declared him a tyrant, and men had followed their example, the Son of God came down from heaven, and, in the presence of these revolters, was subject to the very law which they had discarded.-A. Fuller.