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wealth OF the nation by its employment, and is all
spent at home. II a nobleman spends 100000 per
annum in the improvement of his estate instead OF
leaving that amount in his bankers hands to be
loaned out to the mercantile world, can the money
market be in any way affected by it, or is his SO
doing any way preudicia to the general interests
of the country? On the contrary, its prosperity is
advanced, for its value is increased by the improve
ment OF the estate upon which it has been expend-
ed. But it may be said that many of these rail-
roads will prove Improbable specuations TO those
who engage IN them. Granted: it is not at all to
be wondered at that many railroads should be con-
structed where a limited business will produce
very inefficient revenue, and it is to be lamented
that many persons may sigh over reduced incomes
or ruined fortunes who may have adventured their
funds in such enterprises; but the general concerns
of the country are not affected by these failures
what one man has lost another has received the
money, the capital, is all in the kingdom. The
railroads have not been made of gold or silver and
thereby distracted from the circulation; but those
metals, in the shape Of wages, &C., have been en-
ployed in constructing new modes of communica-
ton between distant points, in bringing produce of
every kind nearer market, and thereby increasing
Its value, and, after having done so, have resumed
their place in the mercantile world to be again en-
ployed as the medium of exchange and the repre-
sentative of value. Some persons, however, will
say that such portions Of these railroads are not
productive of sufficient interest for the money ex-
pended upon them are i national loss, because the
labor (which is the exponent of the money! has
been unpro6tably employed. This seems to be a
defect which may be charged upon any and every
mode of employing money or labor where there is
any chance of disappointment; and what sphere of
action is exempt from that chance? If ship
makes an mproftable voyage to the East or West
Indies it is undoubtedly to be amented; she would
have added to the wealth of her employers had she
brought home profit instead Of loss, but the
country is no poorer for the voyage, excepting so
far as respects the money that has been spent out
of the country But in the case of the improbable
railroad the Whole of its cost was spent at home
how has the country, therefore, been made poorer
by its construction? 1t has merely acted negative
ly; it has not made the country richer.


This subject has been pursued far enough. It'll
presumptuous to attempt to break lance with the
experienced writers in the Times but, although
success in such an encounter would be glorious,
defeat would not be dsgracefu. Besides the asser-
tons of this very influential journal are a-powerful
for good for evil, and no harm can possibly arise
from their examination. Nor is their effect con-
fined to this side of the Atlantic it would not be
easy to estimate the power they exert over public
opinion, as to European affairs, with you. The
misfortune is that its dicta are too often received





tons treasured up as oracles of truth.


Since the termination of the general election we
have been without any subject of leading impor-
tance, but certainly not without many of secondary
or partial interest The abundant and glorious har-
vest with which Providence has blessed the land
must be, however, excepted, for it is source of
aaliUersal graduation and thankfulness. Some of
the journals advocate day of general thanksgiving
to be held throughout the country, and certainly
such day would be now peculiarly appropriate.


Although the political horizon of Europe cannot
be termed cloudy, it is certainly becoming very hazy
and uadistincf. The public mind, as well as pub


lie matters, appear to be in transition state, and
change is written legbly on many things and in
many places. England however, exhibits none of
these symptoms. Peace is her great interest; COM
mercia liberality and reciprocity her principal OBJ
Ject. Change, her Government certainly contem-
plates, but it is the change which is to arise from
improvement in fiscal and commercial affairs, from
laws more humanized, from religion more liberaiz-
ed, from education more extended and from muni-
cpa regulations better adapted to the comfort con-
venience, and health of the people, These will be
the great objects which the Parliament, at its ap-
preaching sessions, will have in view, and which
Lord John Russell and Sir Robert Peel will Join
heartily in promoting will there be any factious
opposition to these measures, although of course,
difference of opinion may exist as to the best
mode of carrying them into execution. From these
I" arts of fair delightful peace there need be no
fear that England will suffer her attention to be di-
verted either by the nfracton of obsolete treaties
or the arrangement of imaginary balances of power.


Ireland is most decidedly in state of change,
and with her all change must be for the better
Much of the discomfort of that island has been laid
in the grave with O'Connell not that he wished to
encourage discomfort, but he actually did increase
it, by teaching his countrymen to depend upon i'm
practicable remedies for the removal of the evils
which caused their dissatisfaction and these reme-
dies being either unattanable or Intellectual the ma
tural consequence was increase Of discomfort
He who uses many medicines without removing
his disease will either despair of cure or become
desperate in his application of remedies. In this
latter Ireland had been placed by the ill-udged
proceedings of O'Connell. Repeal of the Union was
to be the panacea for all her sufferngs and most
desperate remedy could it be administered, she
would find it. 1t is true that an increased number
of RepeaierS have been elected to Parliament
from Ireland, but many of them are not of the
OConnell school; and, however much they wish
for the independence of Ireland, they know that
very different habits and manners are necessary for
the Irish people before they are fit for independence,
or could maintain it if it were achieved. These
men will therefore procure from the British Gov
ernment all the advantages they can for Ireland, but
they will inculcate among their countrymen at home
the necessity of industry, sobrety, and good mo-