Our readers cannot have forgotten the circumstances under which this last session of Parliament commenced. The commercial world has not, for very many years, felt any thing like a corresponding crisis; and the change is most remarkable, when we reflect that the depression followed immediately upon a period of almost unexampled prosperity. Our opinion is still unchanged, as to the causes which led to this. We pointed out, in former articles, long before the pressure began, what must be the inevitable result of a wholesale departure from our older system, of the adoption of the free-trading economical views, and of the arbitrary contraction of the currency, as devised by Sir Robert Peel. Every word we then said has been verified to the letter; and, as we expected, the very contingencies which we suggested as likely to operate in producing this unfavourable state of matters, and which actually did subsequently occur, have been paraded, by the free-traders and extreme bullionists, as the causes of the whole disaster. It is of great importance that the public should understand this subject clearly; and, therefore, without repeating what we have elaborately attempted to demonstrate before, let us merely remark that the tendency of free trade, and of fettered currency combined, was to prostrate the whole commercial world, on the first occurrence of a bad season and a scarcity of food, by stimulating the exportation of gold, and at the same time by withdrawing its representative. In fact, Sir Robert Peel constructed his machinery so, that the result, in the event which we have instanced, could be calculated on with mathematical certainty. The realised wealth of Britain was rendered of no avail in this emergency, for the counters which represented it were amissing, and nothing else would be received in exchange. Hence arose that total prostration of credit, and consequent lack of employment, which was so lamentably felt towards the close of the year 1847.