The ministerial move in November, and the suspension of the Banking Act, for however short a period, was in truth a remarkable circumstance. If the suspension was right, it must necessarily imply that Sir Robert Peel was utterly wrong in framing the measure as he did. We know that the Act is useless for control in times of prosperity, and that it pinches us by becoming operative under adverse seasons; and it was precisely when the pinch was felt that the Whigs were forced to suspend it. True—a great deal of the mischief had by that time been accomplished. Men, every whit as respectable as the late Premier, had been driven into the Gazette for the sheer want of temporary accommodation, and property sank in value as rapidly as the mercury before a storm. But the true nature of the Act had been felt and condemned by the public; and in no one instance do we ever recollect to have witnessed a greater unanimity of opinion, hostile to its endurance and principle, than prevailed, at least beyond the walls of the House of Commons. If the public were wrong in this impression, then it followed as a matter of course that the ministry were highly blameable for the suspension; that Peel’s machine, being a sound and salutary one, should have been left to do its work, and to crush down as many victims as it could possibly entangle in its wheels. But in truth, very few could be found to support such a proposition. If credit is to be altogether annihilated in this country, whether by Banking Acts like this, framed and forced upon us contrary to the experience and in face of the remonstrance of the mercantile classes, or by anarchy and mob rule, as has been the case in France, we must prepare to bid an everlasting farewell to our greatness. Credit, it is in vain to deny, has made the British nation. Credit may, like every thing else, be pushed too far; but even over-trading is a far less calamity than a restrictive system, which in a day can destroy the accumulated profits of years, for the first carries with it its own antidote and cure. Peel’s banking legislation, we do not hesitate to say, has been productive of more harm to this country in three years, than has ever occurred from any known cause within the same period of time; and the obstinacy with which he has clung to his delusion, the sophistry which he has invariably employed to shift the responsibility from his shoulders, and the manœuvring style of his defence, may be consistent with the character of the man, but are not worthy of the dignity of a British statesman.