the eyes of the capitalist, be the more eligible debtor of the two. There could, we apprehend, be no possible doubt of her solvency, for, with large resources behind, she has a mere fraction of a debt, and her power of raising revenue by taxes has been little exercised. Our readers will better understand this by keeping in mind, that, while the revenue presently levied is just one-third of ours, the population of Russia is considerably more than double that of Great Britain and Ireland. Mr Cobden, however, accepting, as we presume he must do, the above official facts, draws from them inferences of a very startling character. "Don't let any one talk," said he, "of Russian resources. It is the poorest and most beggarly country in Europe. It has not a farthing. Last year there was an immense deficit in its income as compared with its expenditure, and during the present financial year it will be far worse. Russia a strong political power! Why, there is not so gigantic a political imposture in all Europe." And again, "Russia a strong, a powerful, and a rich country! Don't believe any one who tells you so in future. Refer them to me." We feel deeply obliged to Mr Cobden for the last suggestion, but we would rather, with his permission, refer to facts. If the poorest and most beggarly country in Europe has contrived to rear its magnificent metropolis from the marshes of the gelid Neva, to create and maintain large and well-equipped fleets in the Baltic and the Black seas, and to keep up a standing army of about half a million of men, without increasing its permanent debt beyond the amount already specified, all we shall say is, that the semi-civilised Russian is in possession of an economical secret utterly unknown to the statesmen of more favoured climes, and that the single farthing in his hand, has produced results more wonderful than any achieved by the potency of the lamp of Aladdin. But the climax has yet to come. Waxing bolder and bolder on the strength of each successive assertion of Russian weakness and impotency, the Apostle of Peace assumed the attitude of defiance: "If Russia should take a step that required England, or any other great maritime power, like the United States, to attack that power, why, we should fall like a thunderbolt upon her. You would in six months crumple that empire up, or drive it into its own dreary fastnesses, as I now crumple up that piece of paper in my hand!!!" Here is a pretty fellow for you! This invincible fire-eater is the same man who, for the last couple of years, has been agitating for the reduction of the army and navy, on the ground that the whole world was in a state of the profoundest peace, and likely so to remain! This crumpler-up and defier of empires is the gentleman who held forth this bygone summer, at Paris, on the wickedness of war, and on the spread of fraternity and brotherly love among the nations! Why, if old Admiral Drake had risen from the dead,