Having, satisfactorily to himself, demonstrated the pitiable weakness of Russia, and having got over the notorious fact of her large bullion deposit, and her purchases in the British funds, by explaining that the first is the foundation of her currency, and the second a private operation of the Bank of St Petersburg--an establishment which, according to his showing, is no way connected with the government--Mr Cobden proceeded to unravel his schemes for paring the claws of the northern Bear. It has the merit of pure simplicity. Not one penny is henceforward to be lent to the Russian government. The capitalists of Europe are henceforth to look, not to the security, but to the motives of the borrowing power. If they think that the money required is to be expended in purchasing munitions of war, in fitting out an armament, or in any other way hostile to the continuance of peace, they are grimly to close their coffers, shake their heads, and refuse to advance one single sixpence, whatever be the amount of percentage offered; and this kind of moral force, Mr Cobden thinks, would not only be effectual, but can easily be brought into action. Let us hear him. "Now, will any one in the city of London dare to be a party to a loan to Russia, either directly or openly, or by agency and copartnership with any house in Amsterdam or Paris? Will any one dare, I say, to come before the citizens of this free country, and avow that he has lent his money for the purpose of cutting the throats of the innocent people of Hungary? I have heard such a project talked of. But let it only assume a shape, and I promise you that we, the peace party, will have such a meeting as has not yet been held in London, for the purpose of denouncing the blood-stained project--for the purpose of pointing the finger of scorn at the house, or the individuals, who would employ their money in such a manner--for the purpose of fixing an indelible stigma of infamy upon the men who would lend their money for such a vile, unchristian, and barbarous purpose. That is my moral force. As for Austria, no one, I suppose, would ever think of lending her money." We shall, by-and-by, have occasion to see more of Mr Cobden in connexion with the Austrian loan; in the mean time, let us keep to the general proposition. The meaning of the above unadorned fustian is simply this--that no man shall, in future, presume to lend his money without consulting the views of Mr Cobden and his respectable confederates. This ukase--and a magnificent one it is--was rapturously received by his audience; a fiat of approval which we set no great store on, seeing that, in all probability, not fifty of those excellent philanthropists could command as many pounds for the permanent purpose of investment. But the idea of controlling, by their sweet voices, the monetary operations of the great banking-houses of the world, the Rothschilds, the Barings, and the Hopes, was too delicious a hallucination not to be rewarded with a