Probably not one man in all that room but had been impressed, from his youth upwards, with a wholesome terror and respect for the magnitude of the Russian power. That, at all events, was the feeling of the Poles, and decidedly of the Polish champions. But in less than an instant they were disabused. Most of our readers must have seen how a small figure, painted on a tiny slip of glass, may, when passed through the aperture of a magic lantern, be made to reflect the attitude and dimensions of a giant: Cobden's trick was exactly the opposite of this; he made the actual giant appear in the dwindled proportions of a dwarf. "I will tell you," said he, "how we can bring moral force to bear on these armed despots. We can stop the supplies. (Loud cheers.) Why, Russia can't carry on two campaigns beyond her own frontiers, without coming to Western Europe for a loan. She never has done so, without being either subsidised by England, or borrowing money from Amsterdam. I tell you I have paid a visit there, and I assert that they cannot carry on two campaigns in Hungary, without either borrowing money in Western Europe or robbing the bank at St Petersburg. (A laugh, and a cry of 'Question.') That must be a Russian agent, a spy, for this is the question. I know," continued our magniloquent Richard, "that the Russian party, here and abroad, would rather that I should send against them a squadron of cavalry and a battery of cannon, than that I should fire off the facts that I am about to tell you. I say, then, that Russia cannot carry on two campaigns without a loan." We believe that the latter part of Mr Cobden's statement is tolerably accurate, so that he need not give himself any further trouble about the production of his indicated horse and artillery. We agree with him that Russia might be puzzled to carry on two vigorous campaigns without a loan; but we should be glad to know what country in Europe is not in the same predicament? War, as everybody knows, is a very costly matter--not much cheaper than revolution, though a good deal more speedy in its results--and every nation which engages in it must, perforce, liquidate the expense. Great Britain could not, any more than Russia, go to war without a loan. In such an event, the only difference would be that the British loan must necessarily be six or seven times greater than that of Russia, for this simple reason, that Russia has a large standing army levied and prepared, whereas we have not. Now what is there to prevent Russia from negotiating a loan? The first question, we apprehend, is the state of her finances--let us see whether there is any symptom of approaching bankruptcy in these. The debt of Russia, according to the most recent authorities, is seventy-six millions, being as near as possible one tenth of our own. Her revenue is about seventeen millions, or one-third of ours. So far, therefore, as the mere elements of credit go, Russia would, in