It is utterly impossible that this state of matters can continue much longer. If we do not reverse our mad and desperate policy—and that soon—the pressure of taxation, still retaining its former money-level, whilst the production which contributes to it is depreciated by a half, will become so unendurable, that any remedy, however desperate, will find numerous advocates; and amongst the foremost and most clamorous of these will be the leading sham economists. The stateliest ship, when the water is gaining upon her hold, must perforce part with her guns—the parallel case is being practically exhibited just now, by the efforts of the financial reformers to get rid of our warlike establishments. If we cannot part with our defences, we must do without something else. There is in the mean time a talk of reducing salaries, paring down judicial emoluments, and retrenching diplomatic expenses. Lord John Russell, with no very good grace, has been forced to refer these matters to a committee, for the evident purpose of securing the longest possible period of delay. But the tax-gatherer will not be idle in his function, and still the clamour will increase. Superfluities will go first—but no surrender of superfluities will meet the exigency. Men, when pressed to the last extremity, become reckless of their personal obligations; and we have already heard from various quarters intimations that, if the land is to be permanently depreciated, the creditor who has lent his money on the security of that land must be prepared to share the burden of the loss with the owner. There is a smack of wild justice in this, not at all unpalatable to the taste of a burdened debtor. Sir Robert Peel’s favourite question, “What is a pound?” will be argued afresh, after a fashion little likely to secure the approval of the original propounder of the query. We shall be told, truly enough, that the pound is the mere conventional representation of a certain amount of produce; and a very large body of men will begin to talk of paying off their debts, both private and public, upon a principle which, if once adopted, would destroy the whole credit of the country. Three years ago, Mr Doubleday demonstrated that, if the repeal of the Corn Laws should have the effect of reducing the price of wheat on the average to 4s. or 4s. 6d. per bushel, only two courses are left—either to repeal the taxes down to five-and-twenty millions at most; or to alter the currency law of 1819, and reduce the value of money to half the present value. We have now almost touched the mark. All this was clearly foreseen and foreshadowed by Mr Alison, in his memorable paper of 1831; and we beg of our readers to peruse with attention the following extract, as of primary importance at the present juncture of affairs:—