Watering-places, and towns of fashionable resort, have suffered in a like degree. The gentry, whose rents have been most seriously affected by the unnatural diminution of prices, are compelled to curtail their expenditure, and to deny themselves many things which formerly would have been esteemed legitimate indulgences. Economy is the order Of the day: equipages are given up, servants dismissed, and old furniture made to last beyond its appointed time. These things, I most freely admit, are no great hardships to the gentry; nor do I intend to awaken your compassion in behalf of the squire, who, by reason of his contracted rent-roll, has been compelled to part with his carriage and a couple of footmen, and to refuse his wife and daughters the pleasure of a trip to Cheltenham. The hardship lies elsewhere. I pity the footmen, the coach-builder, the upholsterer, the house proprietor in Cheltenham, and all the other people to whom the surplus of the squire's revenue found its way, much more than the old gentleman himself. I daresay he is quite as happy at home--perhaps far happier--than if he were compelled to racket elsewhere; and sure I am that he will not consume his dinner with less appetite because he lacks the attendance of a couple of knaves, with heads like full-blown cauliflowers. But is it consistent with the workings of human nature to expect that the people to whom he formerly gave employment and custom, let us say to the extent of a couple of thousand pounds, can be gratified by the cessation of that expenditure?--or is it possible to suppose that they will remain enamoured of a system which has caused them so heavy a loss? View the subject in this light, and you can have no difficulty in understanding why this formidable reaction has taken place in the English boroughs. It is simply a question of the pocket; and the electors now see, that unless the boroughs are to be left to rapid decay, something must be done to protect and foster that industry upon which they all depend. Such facts, which are open and patent to every man's experience, and tell upon his income and expenditure, are worth whole cargoes of theory. What reason has the trader, whose stock is remaining unsold upon his hands, to plume himself, because he is assured by Mr Porter, or some other similar authority, that some hundred thousand additional yards of flimsy calico have been shipped from the British shores in the course of the last twelve months? So far as the shopkeeper is concerned, the author of the _Progress of the Nation_ might as well have been reporting upon the traffic-tables of Tyre and Sidon. He is not even assured that all this export has been accompanied with a profit to the manufacturer. If he reads the _Economist_, he will find that exhilarating print filled with complaints of general distress and want of demand; he will be startled from time to time by the announcement that in some places, such as Dundee, trade