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««• It's quite useless !'

dumb and helpless. The two men con“ Another still more agitated outcry tinued their colloquy, the group above and stir now ran among the group, mixed sharing in the horror, and holding their with a most lamentable cry and groan from breaths to listen. The depth precluded the young man.

all possibility of help, and the closeness of “ ' I see somebody or something up- the whole sea would now not allow time right, come all along the beach, nurrow for a single manquvre, had any been pracbeach 'tis now !' the man said to those ticable. above, and the man on the brink saw it

" • I heard a dreadful groan just now; too, ‘so narrow that the surf-froth breaks hark! Now he's quieter, and she has sure over her, and drives her up on the very persuaded him to kneel—they are both foundation of the rough rock, off the sand, kneeling fronting the high wave, and as far quite !!

back as they can get, up to the rocks" Her ? how !_is it a woman?' There wus a sea ! God have mercy !

" • God in Heaven knows what it is! They're gone 3ƯŘ.ÑShỏ̀ŠŲṬ.νáĂấá✓ĪṬŲ.ỗỏáặch▸63ĂŠh έŠiĊETĒKŅĒŠƯỗấ❞ấ16ệŅŅέŅĒ1ŅĒŠETŲ.Дllặ„a61ffŪchéỗệ a woman from the grave, I believe—the struck them-I couldn't see them for the moon shines full upon her-ha! now he monstrous leap of the surf! I thought it cries to us—he cried out dreadfully then would have reached up to me a most - melancholy long cry it was. 'Twas -I see 'em again, now-_It's for her not to us he cried-it was to her to that he groaned, and for her he ran so wildly, person ; now he's like a madman ! now for he was calm as a ghost, and stood like he's throwing his arms all about, and to an effigy before_Ha! thut was a very the sky and to the sea ! Hark! he cried thunder !-Ilalloo ! Shepherd ! do you out again ! now he has rushed to meet see 'em now ? d'ye see 'em still ? ' her, she's come up to him. They're em- " • Stop a moment - there's such a fog bracing! Merey upon us, and keep us, of the foam- There's nothing but sea! sure it's a ghost ! If ever I saw grave nothing but deep sea ! The Lord have clothes in my life, that's a shroud it wears ! mercy upon their souls !' Look! look you, man I look down all of

“ Amen !' Mr Llewellyn responded, ye, isn't it walking in a shroud ? Yes, it and throwing himself along, hid his face in is a shroud--but it is a living woman !' the withered broom of the height. But the " . But who? Is it not Ruth?'

next minute he rose - and begging silence 66 « Who can see that?'

-drew forth his pocket prayer-book, and "• Do you see them now?'

said_None knows certainly what was the “ “ No, he's gone, after throwing his intent of these poor souls in coming hiarms round her, gone up the shore like ther. I at least will not judge them - but mud, carrying her, I think-yes, he flies as others may, I take this time-' Man with her!

that is born of a woman,' &c., and falter" · He might as well try to lift her up ing, he went through the form of Christo us, or the moon, with his arms, as tian Burial of the Dead." carry her to where she came in—that's “ The body of Marmaduke Paull and sure to be some deep fathom by this time, that of his ill-fated child, still in that ghastyou know, for all this here part is very ly dress which she had resolutely assumed hollow, quite a cove, here, he'll meet to meet death with decency, deliberately deep sea directly.'

following him she had so often led, were " • Ah! you're right, Shepherd, here found in close embrace in a hollow of a he comes back with her.

Hark! Did ye

little reef of rock, dry at low water, in hear ? “6 Death?" Death ?" God! whose wave-worn cleft, no broader than a

My child !” I heard him then! chest, they lay as in a single coffin formed Another sea ! — It's just over'em!'

for two bodies. So ended THE TRAGICAL “ William had again fainted, and re- PASSION OF MARMADUKE Paull." mained in stupor on the heathy ground,

God! "

Printed by Ballantyne & Company, Paul's Work, Edinburgh.

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It was our fate on the opening of admonition addressed, but in vain, to last year to sound the note of unwel- all whom it concerned, on the first day come warning. In the then hey-day of the last new year. Thus it was of a prosperity, whose splendours, like spoken in Maga. “ The rage of the sun of the tropics, seemed unob- speculation, too, has invaded Lancascured by the slightest cloud, there ap- sħire to a dangerous extent ; to say peared in the horizon the faint speck nothing of railroads and other schemes, betokening the coming tornado, which Manchester alone has manufactured at times is found to elude even the joint-stock banks for half the kingdom. keen look-out of the practised mariner In that town itself, banks are almost - which ever escapes the superficial as common as factories, and Lancaglance of the fresh-water sailor. The shire and Yorkshire notes, payable at vessel of state was crowding all sail— home, but not in London, overflow the topgallants were unfurled to catch the land, and have almost superseded nacurrent of a higher atmosphere—every tional bank notes and sovereigns, where, rag of canvass was pressed into the a few years since only, any other meservice of the cheering gale—fore and dium of exchange could find no curaft streamers gaily floated in the rency. Much of the paid-up capital breeze-all was song and merry-ma- of these banks may—there are grounds king on board—the steersman

fear-be not disposable when most and reckless as the crew. We alone- wanted—so much dead stock, consistwhy should we disown it-felt the ing of advances upon their own shares, threatening swell of the waters be- according to conditions expressed or neath, saw the dark spot above expand implied, by which shareholders were into turbid and fearful clouds, heard allured." “ The system is even the hoarse whispers of the coming now on the stretch, and may snap in storm, and piped all hands to take in twain with little warning. God grant sail and run the good ship under bare a crash may not come like the crush poles for a season. We were little of matter and the wreck of worlds.' heeded for a time—the grog was going In the month following, our voice was its round. The officers, self elate, again heard ; in March, as signs and were floundering under the intoxica- tokens thickened round us, our proting breath of unchanging trade- phetic anticipations were thus once winds and seaway unvaryingly smooth. more expressed :-" The multiplicaThe equipage reflected the jovial care- tion of joint-stock banks in Lancashire lessness or unconscious stupidity of has been a business of too much haste their commanders. It may be well to be of good speed; we question the here to rehearse the terms of the first prudence of applying steam-power to

VOL. XLI. NO, CCLVI.

K

paper money and discounts, as it is to exclusion of the joint-stock banks of calicoes ; we distrust the system by Ireland from the searching test of lewhich shareholders have been allured; gislative scrutiny can be accounted and, without meaning disrespect in for only by the active intromission of any quarter, we must be excused for that silent but absolute dictation bean opinion that the directors (self ap- fore which the paralysed powers of pointed, in a manner) as a body, are Government salaam in all abjectness, not of the standing, nor qualified by and whose rule is no less paramount that extensive and general experience over a slavish and anti-national majowhich alone could compensate the want rity of the popular branch of the Leof more special instruction.” The gislature. It may be that the renewal “ wary and measured step" of the of the Bank of Ireland charter, which Bank of England was then also pointed expires in 1838, will, in the ensuing out as “ significant to the local banks,” session, force on an examination of and worthy of “imitation as well as the whole question of Irish joint-stock approval ;” inasmuch as it was then schemes, and the Irish monetary sysnarrowing its issues, whilst the joint- tem, in despite of manæuvres for exstock ephemera were zealously extend- tending over paper circulation the ing theirs.

same despotic sway which regulates Upon traders, ever sanguine, our mo- the collection and distribution of Pe. nitory cautions were for the most part ter's pence.

If the discussion be purexpended in vain ; but in the Legisla- sued with the righteous resolve to eliture, if not in the Ministry, heads cit the truth, the whole truth, a harcooler and more reflecting were still to vest of facts, rankly rich, will be hoube found, and our labours were not al- sed for present profit, and against the together cast away. The voice of perils of impending shipwreck for the Reason, like the zephyrean breath of future an indestructible landmark will summer, is, however, felt rather than be raised for timely advice of shoals heard—it infuses its influence slowly, and shallows on the one hand, and on however surely. It was not until the the other to guard against the cunning 12th of May that a Committee of the devices and false lights displayed by House of Commons was appointed “to prowling wreckers, wherewith to deenquire into the operation of the act of coy the unsuspecting prey within the the 7th Geo. IV. c. 46, permitting the reach of clutches rapacious as relentestablishment of joint-stock banks, un- less. The range within which the der certain restrictions, and whether Committee of the past session circumit be expedient to make any altera- scribed their operations, was, however, tions in the provisions of that act." far too restricted to fulfil those high The Report, ordered to be printed on purposes of public utility for which it the 20th of August, but not actually was professedly instituted. In the sylpublished for two or three months af- labus of the course of duties prescriterwards, now lies on our table. The bed no allusion is to be found to the Committee, in the outset, state, that desirableness and the means of infor“ their enquiries have not yet been mation under sundry heads of special brought to a close," and strongly re- interest. Strict justice, equally with commend the House to renew them at the well-being of the nation at large, the opening of the next session, a re- requires a thorough insight into the commendation, the propriety of which origin, no less than the working, of must be unquestionable to all who have joint-stock banks. The formula of glanced, even in the most superficial queries of the forthcoming Commit. manner, at the minutes of evidence al- tee ought, and if prevention as well as ready delivered, or who have marked eure be aimed at, will, embrace a larger with observing eye the rise, progress, sphere of action. If the disgorgement and spread of the paper money manu- of past plunder be beyond the reach of factories with which the land has been art, the further career of robbery may deluged during the last seven years, be stayed, and its prospective repeti. but more peculiarly since the com- tion rendered less practicable. A list mencement of the exciting era of or- of leading questions to the purport we ganic change and political revolution shall indicate, should be added to the at home and abroad. The Committee catalogue of those which have alconfined their inquisition within the ready occupied attention, explicit satislimits of England and Wales. The faction upon which is of the deepest

import. If, in the case of the famous previous situation in life of the proSouth-Sea bubble, the necessity was jectors ? urgent that fraudulent combination 2. Nature of the CONSIDERATION should be rigorously traced through all demanded by, and what assigned to its courses and sinuosities, with signal the projectors-if in actual money, efficacy fixed upon and prosecuted in shares to be unpaid upon, or secretary. the persons of the real conspirators, ships, or salaried seats in the direction, national honour vindicated, and so- with statement of cash amounts present ciety restored to more healthy action or contingent, of such bonuses or salaby the unflinching excision of its dis. ries? eased members, not the less keenly 3. Number of Shares originally apshould the shame of national charac- propriated by, and to each director, as ter degraded be felt in these days of well as projector-how many sold, and civilisation and progress so vaunted, at what premiums and dates—how many not the less unsparingly should the still held—how many still unpaid upon, lightning of public vengeance scathe and wliy and till when the time of paythe unprincipled traffickers in public ment deferred—how many advanced credulity in their high places, and with upon and held in trust by the Bank for them consign to the ignominious award account of the same parties from its of offended laws the low-lived instru- first establishment to the present mo. ments and participators in the accu- ment? mulations of their infamy. Examples 4. STATEMENT of Salaries and per more recent are not wanting to justify centages of secretaries, managing di. a purifying process of investigation rectors, and directors at the head ofsuch as we allude to. The Parlia- fice—salaries to agenis at branches, mentary Annals of 1826 and 1827 will with the per centages allowed besides furnish dates and precedents in point. for pushing out notes and doing disEven were the malpractices of more counts ? grovelling and needy adventurers alone 5. Scale of Expenditure for main issue, the safety of public morals nagement, general and local amount imperiously indicates a thorough fumi- of business done, and issues by the gation of the atmosphere, contaminated year--amount of loss, and bad debts by the pestilential taint of their pre- incurred; these to be stated tabularly, sence at large; but the core of the and published so as at one view to excrying evil could not be reached, the hibit the actual condition and working thrust would not strike home, unless of the system ruling in each bank? the head were impeached as well as

It is sufficiently notorious that on the hand. There are no quarantine re- most of these particulars no informagulations by which the spread of le- tion was sought by the Committee of prosy is contined to the pauper hinds, last session, and equally so, that the and the filthy regions of St Giles's ; shareholders, entitled as they are to lepers have before existed, and are yet force the fullest disclosure of the afto be found within the precincts of St fairs of their association in all their de.

Stephen's. Let these be cast outlet tails, live in profound unconsciousness these be dragged forth, along with of every thing beyond a yearly exhibit their meaner accomplices, before the of liabilities, assets, and the balance tribunals of outraged justice and pub- in hand. From our own means, it lic opinion; the innumerable victims

were easy to furnish a series of hi-toof imposture and fraud call out aloud ries sufficient to stock the whole of this for this reparation or atonement for Number with fraud and trickery more wrongs-any inquisition which stops flagrant than the annals of swindling short of this will be viewed as little

-even those of 1825–26-could paralmore or better than a solemn mockery lel ; but of which, to this day, the en enacted by a legislative majority, en- snared stockholders remain in a state slaved or confederate.

of ignorance which, compromised as Amongst the points on which the they are, may almost be described as people demand to be enlightened, and blissful. For reasons which will reaon which no director or official repre- dily be comprehended, we shall at sentative of joint-stock banks, honestly present content ourselves with the constituted, need demur explanation, record of examples already authentiare the following :

cated in the pages of our contempora1. Origin of the Bank-names, and ries. Incredibly flagitious as they may appear, they are but specimens, Its success has not been quite so great and not exaggerated specimens, as it as that of some others; but, considercomports with our means of verifica- ing its parentage, we need not be surtion to testify, of a numerous class--of prised if, at first, it should be a little the genus Chevaliers d' Industrie-of ricketty. No doubt, however, if the most fruitful multiplication among us, present facilities continue for another no less indefatigable than unscrupu- year, it will get fairly under weigh. lous in enterprise— Protean in their dis- Its directors will declare large divi. guises and transformations. The first dends, and give white bait dinners at is cited from the Edinburgh Review, Blackwall; and those who have dealt and will not lose in effect by transfer- with them will of course lose every ence to our columns, by the visé of our thing." confirmation, and the solid public be- From the intimate connexion of the nefit of our more extended circula- presumed writer of the article in which tion:

the foregoing paragraph was embodied “ During the course of the present with the Board of Trade, it may fairly year” (says our contemporary) “the be inferred from whence the informa. Stamp-Office prosecuted a person at tion was derived. We are justified, Manchester for carrying on the for- therefore, in demanding, how it came gery of stamps on a large scale, and to pass that an individual so doubly had him convicted and transported. steeped in infamy and beggary, was Now, what will our readers think left at large to pursue, unchecked, his when we tell them that there were career of depredation against his Mafound on the person and in the reposi- jesty's industrious subjects; and why tories of this notorious culprit, several that department of the government, letters addressed to him by an indivi- specially instituted for the protection dual who was at the time engaged in of industry, if his offences had not asthe formation of a great joint-stock sumed so tangible a character as to bank! The letter-writer knew per- bring him within the pale and rigorfectly well what his friend at Man- ous application of the criminal law, chester was about, and the burden of did not take early steps to denounce his letter is to press him for loans to this latent accomplice of forgery and enable him to get his scheme matured fraud, to the directors of the banking and fairly set afloat. It may perhaps scheme of which he was the daring fabe imagined, considering the sort of bricator; or why, to this hour, the project the party had on his hands, damning evidences of villany so irrethat he would have required large ad- deemable have not been placed before vances—but no! His utmost demand them? Had this been done, and the was for some L. 15 or L.20, and he some- delinquent then escaped instant and times modestly limits himself to the ignominious expulsion, the directors, pressing solicitation for a sovereign, or that portion of them found connior even half a sovereign! He had, to ving at his continuance, and anxious make himself respectable, taken a house to cushion the unimpeachable testilooking into

Park; and, provi- mony to his disgraceful antecedents, ded he could continue to hold that, and might safely be denounced to their coget his prospectuses printed, and ad- stock proprietors as his confederates in vertisements paid, he had no doubt, iniquity and fellow-leaguers for spoil. and in that he was right—that he One other example, the following, should in a few weeks be rolling in not less remarkable, of the successful wealth! * Only think,' says he to his march of knavery, we select from the correspondent, of a person without columns of our able and uncompromisa shilling, establishing a bank !' There ing fellow-labourer, the Newcastle were to be

,600 shares, and a depo- Journal, which, after the recital of other sit of L.5 was to be paid on each. cases, thus concludes :-* And this very bank is now in the field.

Something more than incidental allusion is due to this distinguished Journal. From the commencement it took, and at once, through the combination of unsurpassed tact and talent displayed in its writings and management, the first rank in the provincial pressa station which, during five years of existence, it has not maintained only, but improved, Whatever equals it may find, it has no superior, and need not fear

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