turned away from us, even for a time, it might never return; and that our credit once shaken might never be restored. To hear men talk in those days, you would have thought that Providence had ordained that our Government should always borrow at three per cent, and that trade came to us because we lived in a foggy little island set in a boisterous sea. They could not be got to see that the wealth heaped up on every side was not created in the country, but in India and China, and other parts of the world; and that it would be quite possible for the people who made money by buying and selling the natural treasures of the earth, to go and live in other places, and take their profits with them. Nor would men believe that there could ever be an end to our coal and iron, or that they would get to be so much dearer than the coal and iron of America that it would no longer be worth while to work them, and that therefore we ought to insure against the loss of our artificial position as the great centre of trade, by making ourselves secure and strong and respected. We thought we were living in a commercial millennium, which must last for a thousand years at least. After all the bitterest part of our reflection is, that all this misery and decay might have been so easily prevented, and that we brought it about ourselves by our own shortsighted recklessness. There, across the narrow straits, was the writing on the wall, but we would not choose to read it. The warnings of the few were drowned in the voice of the multitude. Power was then passing away from the class which had been used to rule, and to face political dangers, and which had brought the nation with honour unsullied through former struggles, into the hands of the lower classes, uneducated, untrained to the use of political rights, and swayed by demagogues; and the few who were wise in their generation were denounced as alarm
