they too, according to the modern idea, are oppressive and unjust; and the period, thus foreshadowed by Mr Cobden at the late Manchester banquet, will rapidly arrive: "It is not merely protective duties that are getting out of favour in this country; but, however strong or weak it may be at present, still there is firmly and rapidly growing an opinion decidedly opposed, _not merely to duties for protection, but to duties for revenue at all_. I venture to say you will not live to see another statesman in England propose any customs-duty on a raw material or article of first necessity like corn. I question whether any statesman who has any regard for his future fame will ever propose another excise or customs-duty at all." The whole revenue will then fall to be collected directly: and how long the national creditor will be able to maintain his claim against direct taxation is a problem which we decline to solve. The land of Great Britain, like that of Ireland, will be worthless to its owner, and left to satisfy the claims of pauperism; and America, wiser than the old country, will become to the middle classes the harbour of refuge and of peace. We do not believe that these things will happen, because we have faith in the sound sterling sense of Englishmen, and in the destinies of this noble country. We are satisfied that the time is rapidly approaching when a thorough reconstruction of our whole commercial and financial policy will be imperatively demanded from the government--a task which the present occupants of office are notoriously incapable of undertaking, but which must be carried through by some efficient cabinet. Such a measure cannot be introduced piecemeal after the destructive fashion, but must be based upon clear and comprehensive principles, doing justice to all classes of the community, and showing undue favour to none.